The 7th largest cryptocurrency in the crypto market, Litecoin recently achieved a milestone when it got listed on Gemini. Litecoin’s introduction to Gemini, which is one of the most prominent exchanges in the crypto, has been applauded by the Litecoin community. Even, the founder of Litecoin, Charlie Lee has publicly expressed his excitement.
Charlie Lee revealed in a tweet that the listing of Litecoin on Gemini means that all major bitcoin exchanges now support Litecoin. Lee added that he had worked relentlessly to get Litecoin listed on major platforms since 2013 when defunct Mt. Gox promised and failed to list the crypto. Lee wrote in the tweet:
“Ever since MtGox announced Litecoin support in 2013 and failed to deliver, I’ve been on a mission to get LTC added to exchanges to help increase liquidity. With the launch of LTC on Gemini today, every single major Bitcoin exchange supports Litecoin. Mission accomplished!”
Mt. Gox used to be the biggest crypto exchange in the crypto market before it got hacked in 2014. The exchange lost 70 percent of its users’ bitcoin which was about 6 percent of the total bitcoins in circulation at the time of the hack. Eventually, the exchange struggled to stay afloat and it filed for bankruptcy. However, Mt. Gox remains in the limelight as the defunct exchange is still involved in legal proceedings to refund its affected customers.
Liquidity versus Adoption
In 2018, Litecoin LTC has struggled to live up to expectations. However, the coin has had an eventful year as it is increasingly adopted by various entities. The coin is expected to be utilized by BlockFi in the near future. The firm is planning on providing loans with Litecoin LTC and the new Gemini stablecoin Gemini dollar (GUSD). Other platforms and firms that have adopted Litecoin include; BTCPay, CoinGate, Globee, Aliant Payments, CoinPayments, GoCoin LTCPay, and TravelbyBit.
Charlie Lee believes that the most important factor to Litecoin’s mass adoption goals is the progress made in scaling the network. As such, he has consistently stated that he is not worried about Litecoin’s price struggles as he is more concerned with the improvement of the crypto’s functionalities. However, some believe that Charlie Lee’s approach is flawed. One such critique is @Ralphawado who commented:
“What’s the next big catalyst in your opinion that will make litecoin investors/users/traders regain confidence in LTC? 90% of my holdings are in LTC because i’m confident in the long run but right now it doesn’t look too good price wise compared to what it has accomplished”
Nonetheless, it is only a matter of time before we find out the effectiveness of the strategy adopted by the Litecoin team.