Paxos adds Litecoin (LTC) – Litecoin is among the coins being added to the Paxos Trust Company, one of the only companies authorised by the New York Department of Financial Services (NYDFS) to trade these coins.
In addition to Litecoin, Paxos has the all clear from the NYDFS to trade in Ethereum (ETH), Bitcoin Cash (BCH), and Stellar (XLM), reports Forbes.
Paxos Adds Litecoin
The Paxos Trust Company began as itBit in 2012 and right from the start, the exchange was attempting to target mainstream adoption via regulatory approval. In 2015, itBit was the first company granted permission by the NYDFS to trade in Bitcoin (BTC). The company became Paxos in 2016 when it moved into additionally targeting blockchain applications that weren’t directly connected to crypto tokens. The trading services remained under the itBit name.
itBit will be what offers custody, escrow, and OTC trading services for Litecoin and the other tokens.
“We’re starting to gain a lot of momentum here,” commented Charles Cascarilla, the CEO of Paxos. “We just keep thinking about how we can add new product that will help our customers.”
This time around, that new product was Litecion, Ethereum, Bitcoin Cash, and Stellar. What do you think it will be next time around?
Litecoin’s Charlie Lee is, understandably, excited about the news, tweeting out, “Looks like ItBit will be trading Litecoin soon!”
Any new addition of Litecoin, to any sort of platform, is one step more for Litecoin’s #PayWithLitecoin campaign. The more Litecoin becomes available, the more merchants are likely to accept it, and so the cycle continues.
Litecoin (LTC) is currently selling for $98.78, which puts the coin up 2.18% in the past 24 hours.
It’s been a rough week for crypto. Litecoin dropped below $100. Bitcoin is selling below $7,000, Ethereum is selling close to $500, and Ripple is nearly at $0.50.
Is a crypto recovery in sight?
Featured image: Bitcoin.com