UK Exchange Launches Litecoin Futures Trading
U.K. based cryptocurrency futures trading platform Crypto Facilities is all set to launch a Litecoin (LTC) derivative product. As per the latest updates, the new U.S. dollar-denominated service is all set to go live and active from June 22 of this month. Once it gets live, investors will be able to long or short futures contracts that have Litecoin as the fundamental collateral, with weekly, monthly and quarterly maturities.
Timo Schlaefer, CEO of Crypto Facilities, stated that the verdict is an outcome of having received “strong client demand” for Litecoin contracts. He further added, “We are in firm believe that our LTC-dollar futures contracts will be successfully able to boost the price transparency, liquidity and competence in the cryptocurrency markets”. Apart from that Litecoin creator Charlie Lee also commented that, by inaugurating Litecoin trading to more institutional investors, there is a high possibility that the new product would further upsurge the cryptocurrency’s liquidity and at the same time it would also get easier for people to get in and out of litecoin.
This latest development comes just after a month the firm launched Ethereum-based futures contracts. It also marks a fresh adding to numerous crypto-based derivative products that are even now being traded on the platform, in addition to Bitcoin and XRP, the native token of the Ripple protocol.
In fact, in one of the recent email response, Crypto Facilities has said that the firm is anticipating the trading volume of its Ethereum futures contracts and very soon in this quarter will reach the benchmark of around $150 million, and could well account for around 10 percent of the platform’s total.