San Francisco headquartered cryptocurrency wallet and exchange Coinbase has added trading support for the fourth most valuable blockchain asset, Litecoin. The move comes after the ongoing cryptocurrency rally lifted Litecoin again by over 50% in just one week, giving it a record market cap of $1.1 billion.
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The company explained to its clients: “At Coinbase, our mission is to create an open financial system for the world. We’re paving our path to that goal by creating the most trusted and easiest way to buy/sell digital currency. With the addition of Litecoin, one of the most trusted and popular digital currencies, we are moving one step closer to our goal.”
Back in March, New York’s financial regulator, the state Department of Financial Services (DFS), announced that Coinbase’s licensing application to offer Ethereum and Litecoin was approved. Coinbase thus joined four other rivals that previously gained ‘BitLicenses’ from the DFS to operate in New York.
Coinbase has already added margin trading Litecoin on GDAX, its institutional digital asset exchange. Margin trading has been made available for eligible clients of GDAX, who can trade up to 3x leveraged orders on its Bitcoin, Ethereum, and Litecoin order books.