A UK Exchange Is Launching Litecoin Futures TradingJune 20, 2018 5:30 pm
Cryptocurrency futures trading platform Crypto Facilities announced Wednesday a new U.S. dollar-denominated service launching a litecoin (LTC) will go live on Friday, CoinDesk reported.
The UK-based trading platform will allow investors to long or short futures contracts that have litecoin as the underlying collateral, with weekly, monthly and quarterly maturities, the report said.
Crypto Facilities CEO Timo Schlaefer attributed the new product to “strong client demand for litecoin contracts, CoinDesk reported.
“We believe our LTC-dollar futures contracts will increase price transparency, liquidity and efficiency in the cryptocurrency markets,” Schlaefer said.
Litecoin creator Charlie Lee was quoted in the announcement saying by opening up litecoin trading to more institutional investors, the new product would increase the cryptocurrency’s liquidity and “make it easier for people to get in and out of litecoin,” CoinDesk reported.
The move comes a month after the firm launched ethereum-based futures contracts and marks a new addition to several crypto-based derivative products that are already being traded on the platform, including bitcoin and XRP, the native token of the Ripple protocol, the report said.
Crypto Facilities told CoinDesk via email the firm is expecting the trading volume of its ethereum futures contracts to reach around $150 million this quarter, accounting for approximately 10 percent of the platform’s total.
– WN.com, Jack Durschlag