Litecoin (LTC) Added To Institutional Investment Platform SFOX
SFOX, a Silicon Valley-based crypto trading and investment platform for institutional investors, has added support for Litecoin (LTC).
SFOX, a Silicon Valley-based crypto trading and investment platform for institutional investors, has added support for Litecoin (LTC). This is the fourth cryptocurrency listed on SFOX, expanding its offerings which already include Bitcoin (BTC), Bitcoin Cash (BCH), and Ethereum (ETH).
SFOX expands market reach
SFOX is a top cryptocurrency dealer whose services and products are designed to cater to a growing market of institutional investors, as well as high-volume professional traders.
The listing of Litecoin is part of the company’s expansion efforts to become a premier platform for cryptocurrency asset management. Founded in 2014, the digital currency trading company has seen an increase in demand for its products from banks and other institutions.
SFOX has said its clients will benefit from the opportunity to make investments via direct fiat-crypto (USD-to-Litecoin) transactions and through BTC-to-Litecoin for investors interested in having diversified crypto holdings.
Explaining why they chose to add LTC ahead of other coins, the company’s CEO Akbar Thobhani said:
“Because we cater to investors who are accustomed to Wall Street standards, we only add cryptocurrencies we are completely confident in.”
He then added that Litecoin boasts the needed utility and liquidity, on top of having the support of the Litecoin Foundation.
Adding LTC means that the Palo Alto-based firm has delivered on one of its promises and sees it cater to customer demand with the addition of the fourth most popular crypto option.
Litecoin creator Charlie Lee has expressed optimism that the latest listing by SFOX will benefit the coin’s liquidity and increase its exposure and accessibility to institutional investors. He said:
“This partnership provides increased liquidity and institutional exposure for Litecoin.”
According to Lee, SFOX is a great platform that has the backing of several high profile investors, a testament to the company’s move toward becoming a leading platform for crypto adoption.
SFOX received the backing of some big companies during its series A funding in August, led by venture firm Tribe Capital. Others to contribute to the $22.7 million fund were Y Combinator, Blockchain Capital, and Khosla Ventures among others.
Charlie Lee also lauded the firm’s team and business model, adding Litecoin Foundation will provide all the support required to see the partnership succeed.
By listing Litecoin (LTC), SFOX joins a select group of US-based cryptocurrency exchanges and trading platforms that support the coin, including premier exchange Coinbase, Kraken, Bittrex, and Robinhood. Gemini, owned by the Winklevoss brothers is also expected to add LTC in due course.
SFOX focusing on institutional interest
Retail cryptocurrency investors may not know SFOX, as the startup has carved space in the industry by tailoring its operations to meet institutional investor demands. To a substantial part, the platform provides services to Wall Street firms, family offices, and hedge funds.
The firm has been able to grow its client base 12-fold in 2018 alone by giving large financial institutions access to high volume trades.
It also uses a smart router that allows it to not only provide faster transactions but also to better prices. SFOX uses its global network to offer the lowest prices to its buyers and the highest prices to sellers.
Litecoin, like the rest of the broader crypto market, has suffered the effects of a bearish 2018. The listing, therefore, comes at the right time as the market looks forward to a rally as Q4 draws to an end.
Even then, despite the bleeding that saw LTC lose over 75 percent of its value, a recent surge has seen it gain nearly 20 percent in the second half of September.
Currently, LTC/USD is trading at $61.89, having gained just under 5 percent over the last seven days.