London-headquartered cryptocurrency trading and index providing platform Crypto Facilities is launching a Litecoin derivative product.
According to the official announcement, the new investment instrument will allow traders to bet on both long and short selling of the digital asset and will go live on June 22 at 4 pm BST.
Commenting on the listing of the first LTC-USD future instrument, Timo Schlaefer, the CEO of Crypto Facilities, said: “We are excited to be launching futures on Litecoin, one of the most widely traded cryptocurrencies. There has been strong client demand for this product and we believe our LTC-Dollar futures contracts will increase price transparency, liquidity, and efficiency in the cryptocurrency markets. As digital assets continue to mature, we expect to see a greater number of institutional investors entering the marketplace.”
ETHLend Announces Launch of New Parent Company ‘Aave’Go to article >>
Litecoin founder Charlee Lee is also optimistic about the future of the coin with the derivative listings as it will expose the coin to institutional investors. “This will add to the liquidity of Litecoin and make it easier for people to get in and out of Litecoin,” Lee added.
Crypto Facilities introduced Litecoin-based futures contracts barely a month after listing a similar instrument for Ethereum. The platform also offers other derivative options of digital assets, including Bitcoin and Ripple.
According to Coindesk, Crypto Facilities is expecting the trading volume of its Ethereum futures contracts to reach around $150 million in this quarter.
Moreover, to provide liquidity to the clients, the British exchange turned to Sensus Markets. Kyle Davies, co-founder of Sensus Markets, commented: “Sensus Markets is excited to contribute to the growth and success of Crypto Facilities and the firm’s widely traded cryptocurrency futures products. As an active liquidity provider of 20+ digital assets, we believe the market will embrace the launch of a well planned and strategically executed Litecoin futures product.”