Luno has announced that as from May 11, users will be able to buy, sell and trade Litecoin (LTC) on the cryptocurrency platform.
Litecoin which is 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 (BTC), with the aim of offering a better option for day-to-day digital currency commerce.
“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, shopping online, attending virtual doctor appointments – which is also changing the way people perceive cryptocurrencies,” says Marcus Swanepoel, co-founder, and CEO at Luno.
“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 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 BTC 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 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 certain characteristics which have contributed to the increase in interest for this coin,” adds Swanepoel.
Luno has so far handled US$8 billion in transactions, provides investors, traders and businesses the ability to buy, store, and learn about digital currencies in a secure and safe environment.
Luno customers can already access BTC, Ethereum (ETH), Bitcoin Cash (BCH), and XRP (Ripple).