Regulated European bitcoin exchange Bitstamp launched trading on Litecoin pairs on Monday. As part of Bitstamp’s lineup, LTC is now paired with BTC, EUR and USD.
As we reported yesterday, Litecoin has been on a roll recently which brought it back to the number four spot in the list of the world’s most valuble cryptocurrencies. Today Litecoin is trading at an all time high with the LTC/USD exchange rate now above $50 for the first time, giving it a $2.6 billion market cap.
Explaining why it is adding Litecoin support now, the exchange points to SegWit and client demands. Bitstamp writes:
“In terms of the technical differences between the two currencies, Litecoin has activated Segregated Witness. This may pave the way for the introduction of new technologies such as the Lightning Network, which expands the potential of what can be achieved on the Litecoin network.
The Lightning Network was initially envisioned as a way to expand bitcoin, but attempts to enact the necessary upgrade stalled. With Litecoin being the first major blockchain to pass the Segregated Witness (SegWit) technical upgrade, we decided it was time to enable Litecoin here at Bitstamp and to start exploring the possibilities the Lightning Network offers. It is for these reasons, and the frequent requests we have received from our customers to introduce LTC trading, that made it the standout choice.”
Bitstamp has also announced a partnership with BitGo to implement a multisig Litecoin wallet. It is also working on adding LTC trading to its mobile apps.