Gemini, the New York-based cryptocurrency exchange headed by the infamous Winklevoss twins, has revealed that their platform will soon add Litecoin to their array of coins. Though the founder of Litecoin, Charlie Lee, did hinted something on the lines in his interview with CNBC’s “Fast Money”, the announcement indeed came as a pleasant surprise later at the San Francisco Litecoin Summit.
CNBC’s go-to cryptocurrency expert, Brian Kelly, questioned Lee about the summit and what should the attendees expect during the interview, to which Lee replied:
“I would like for people to focus on the technology, adoption, merchant adoption and also how to scale. So things like the Lightning network, sidechains, and things that would help Bitcoin and Litecoin scale… And I think with the price currently depressed, it’s a good time for people to sit down and have their head down and actually working to get stuff done.”
— CNBC's Fast Money (@CNBCFastMoney) August 27, 2018
At the time of this writing, that summit has now passed and its time to retrospect the happenings and the developments.
According to a Tweet by Winklevoss twins’ headed Gemini welcomes LTC to its exchange platform. In a months time i.e. by October 2018, LTC support will be online on the exchange platform. This development seems to be what Lee was trying to hint at the aforementioned statement.
LIVE from the @LTCFoundation Litecoin Summit, "We are pleased to announce Gemini will be launching Litecoin support starting October 13th, 2018!” –@eric_winer #LTCSF18 #tothemoon pic.twitter.com/TqTjJjk7q4
— Gemini (@Gemini) September 14, 2018
On Friday, Eric Winer, the exchange’s Vice President of Engineering, divulged this news at the Litecoin-focused event. She stated:
“We are working on adding Litecoin… we are pleased to announce Gemini will be launching Litecoin support starting October 13th, 2018!”
Notably, the date announced for the integration to go live coincides with the Litecoin’s seventh birthday. Some(most) crypto-enthusiasts assume that this was intentional. A lot of industry analyst was expecting this sooner or later as in May , the New York-based exchange earned got regulatory approval from the New York Department Of Financial Services to list Bitcoin Cash (BCH), Litecoin (LTC), and most notably, ZCash (ZEC).
Headed by the bitcoin billionaires, Gemini is taking steady steps towards expanding their product lineup. Just recently, the Gemini Trust revealed that they will soon be introducing a Stablecoin “Gemini Dollar” Pegged To USD.
What’s interesting is that the announcement has led to a surge in Litecoin’s value, moving from $53 to $58 in a matter of a few hours.