Following the introduction of XRP, Luno announced today that it has added Litecoin (LTC) to its trading platform. This is the fourth digital asset approved by the Securities Commission Malaysia to be traded by Malaysians. From 7th July, Malaysian customers will be able to buy, sell, store and learn more about this digital asset.
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.
David Low, General Manager (Southeast Asia) at Luno commented:
“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 – working remotely and shopping online – 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 digital assets 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.
“We only list digital assets that are safe, secure and have the utility benefits our clients want, that is why we’ve introduced Litecoin after seeking approval from the Securities Commission Malaysia. 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 digital asset. 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.”
Luno, is the first regulated digital asset exchange approved by the Securities Commission Malaysia they claim to have already handled RM 32 billion in transactions globally.