Litecoin Listing on Gemini Approved
According to an official Medium blog post published on Friday, October 12, the American cryptocurrency exchange owned by the Winklevoss twins, Gemini, has been given regulatory approval to list Litecoin on its platform for custody and trading purposes.
The Newest Crypto on Gemini
Litecoin is going to be the fourth cryptocurrency to be listed on Gemini’s crypto exchange. The other three are Bitcoin (BTC), Ethereum (ETH) and Zcash (ZEC) and, going forward, Litecoin will be available for trading paired with all the three cryptocurrencies already listed on the exchange as well as with US dollars.
According to the vice president of engineering at Gemini, Eric Winer, traders using their platform will be able to begin depositing Litecoin into their exchange wallets from 0930 ETD on Saturday October 13. The cryptocurrency’s trading will go live from Tuesday, October 16 next week.
Winer’s post makes it a point to highlight the exchange’s focus on ensuring that it is completely compliant with all banking as well as fiduciary obligations. The exchange ensures that it is compliant with all these regulations as per the rules laid out by the New York State Department of Financial Services (NY DFS).
The blog also stated that the exchange was able to list Litecoin on its platform only due to complete cooperation with the NY DFS, and that Gemini will continue to grow but will maintain its “security first” stance.
Other Cryptos and Products
Litecoin is not the only cryptocurrency that Gemini has been exploring. According to the blog post, Gemini had also been considering support for Bitcoin Cash, to be launched on Friday, October 12. However, the exchange opted out of that decision because of the high levels of uncertainty associated with the cryptocurrency.
The Bitcoin Cash (BCH) community is planning one, possible even more, hard forks for mid-November. With things so uncertain at this time, Gemini stated that is was going to wait till after these events took place and then re-evaluate the status of the cryptocurrency and the health of its ecosystem.
Besides looking at support for BCH, Gemini also recently announced that it had been successful in securing insurance coverage from the lending services company Aon for the exchange’s custodial digital assets. This insurance cover will complement the exchange’s already existing FDIC (Federal Deposit Insurance Corporation) insurance coverage for users’ USD deposits.
Over and above these developments, the Winklevoss twins also recently announced that they had been given approval from the NY DFS to launch their own USD backed stablecoin, the Gemini Dollar.
The twins have also reportedly begun hiring advisors to oversee the exchange’s possible expansion to the UK.