Cryptocurrency exchange, Luno has announced that – as of 11 May – users will be able to buy, sell and trade Litecoin (LTC) on the platform – this is following the recent introduction of XRP.
LTC, often referred to as the silver to Bitcoin’s gold, is a top ten cryptocurrency with a market cap of US$2.7 billion. The cryptocurrency, initially created in 2011, was developed to provide a faster and cheaper alternative to Bitcoin (BTC), with the aim of offering a better option for day-to-day digital currency commerce.
“The COVID-19 outbreak is creating challenges for individuals, regions and nations around the world. However, unlike previous pandemics and crisis, we’re more technologically connected than ever – working remotely, shopping online, attending virtual doctor appointments – which is also changing the way people perceive cryptocurrencies,” says Marcus Swanepoel, co-founder and CEO at Luno.
“From large investment companies through to individuals, everyone is reassessing how and where they work. They are also looking at how and what they invest in, what they use to make purchases or exchange value, and want to have access to coins like Litecoins.”
Although LTC and BTC share some similarities there are key differences between the two: LTC has new blocks four times as often, meaning it has shorter confirmation times (2.5 minutes against 10 in the BTC network).
Unlike BTC, which will only ever have up to 21 million coins, Litecoin will ultimately have four times as many coins meaning it is proportionately cheaper than Bitcoin.
Finally, LTC’s hashing algorithm is memory-based rather than CPU-based, making it easier for the average person to mine.
“We only list currencies that are safe, secure and have the utility benefits our clients want, that is why we’ve introduced Litecoin. These are uncertain times but LTC’s instant and near-zero cost transactions are certainly characteristics which have contributed to the increase in interest for this coin,” adds Swanepoel.
Thus far, Luno has handled US$8 billion in transactions, provides investors, traders and businesses the ability to buy, store and learn about digital currencies in a secure and safe environment. Luno customers can already access BTC, Ethereum (ETH), Bitcoin Cash (BCH) and XRP (Ripple).