DURBAN - From 11th May, Luno customers around the world will be able to buy, sell and exchange Litecoin (LTC).
Litecoin (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, with the aim of offering a better option for day-to-day digital currency commerce.
Marcus Swanepoel, co-founder and Chief Executive of Luno said, "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 which is also changing the way people perceive cryptocurrencies. 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 Bitcoin (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 Bitcoin 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.
Litecoin is joining the Luno platform in just a couple of weeks 😱 Get excited. Find out more here: https://t.co/wK1kRYx96J pic.twitter.com/5pcVf5YdXD
— Luno (@LunoGlobal) April 28, 2020
"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. The turmoil caused by the pandemic has instigated a surge in the usage of digital money (as we’re encouraged to avoid the handling of physical cash) and fintech apps. Times have changed, more and more people are turning to cryptocurrencies, and as soon as they do they understand the benefits they offer," added Swanepoel.
Earlier this year, Luno added altcoin Ripple (XRP) on its platform giving customers the ability to trade this digital asset. Demand for Ripple has grown and it has been available on the Luno exchange from 3 March 2020. All customers will be able to trade Ripple on the Luno platform at a reduced fee for the first 30 days.
Last year, Luno asked a sample of customers which coins they would most like to see added to the platform. The survey found that Ripple was the coin they most wanted to buy. The interest in XRP has been building for some time, as many banks and networks use Ripple to provide fast, low-cost cross-border payments.