The US exchange has put on hold BCH backing due to concerns over upcoming hard forks while it would add four LTC markets next week.
The Gemini exchange owned by the US billionaire brothers Cameron and Tyler Winklevoss has announced that it would add Litecoin (LTC) to its trading and custody platforms on Tuesday. However, the exchange held off listing Bitcoin Cash (BCH) due to possible investor protection issues during BCH hard forks next month. Eric Winer, Gemini’s vice president and head of engineering made the announcement in a blog post on Friday.
The US exchange had initially planned to support both LTC and BCH simultaneously, but decided to delay Bitcoin Cash support until late November.
“[…] there has been much uncertainty lately within the Bitcoin Cash community about one or more possible hard forks arriving in mid-November. Some of those forks lack the replay protection feature that would be required for Gemini to safely support Bitcoin Cash,” Winer explained in the post.
After the hard forks, Gemini will make a new evaluation of the BCH ecosystem’s health, the exchange’s vice president outlined. Cryptovest has already reported about the conflicts among Bitcoin Cash developers and miners over the November 15 update.
The BCH price reacted negatively to the Gemini delay. Around 75 minutes after the exchange’s announcement, Bitcoin Cash changed hands at $445.84 per coin, which was a decrease of 0.90% on a daily basis. BCH, which is currently the fourth largest currency, clocked $337.2 million in trading volume for the last 24 hours to 14:25 UTC on Friday. OKEx, Binance, Huobi, and HitBTC were the largest BCH markets, as per Coinmarketcap data.
Litecoin on Gemini
Gemini will open LTC deposits at 13:30 UTC on Saturday in preparation for trading, which should start at the same time on Tuesday. The exchange will support four Litecoin pairs– with Bitcoin (BCH), Ethereum (ETH), and Zcash (ZEC) as well as one with the US dollar.
“The addition of Litecoin further solidifies Gemini’s standing as the go-to exchange for retail and institutional investors alike. Gemini continues to grow with a “security-first” approach and we have worked closely with the NYSDFS to gain approval for Litecoin trading and custody services,” Winer said.
Gemini owns the special New York BitLicense, and every addition of new coin is subject to approval from the state’s financial regulator, as in the case of Litecoin. LTC will become the fourth virtual asset available on the exchange, after BTC, ETH, and ZEC.
Litecoin, which is the seventh largest crypto by market capitalization, reacted positively to Gemini’s move. LTC changed hands at $53.74 per coin, which was an increase of 2.36% on a daily basis as of the time of writing. The cryptocurrency clocked $304.3 million in trading volume with Zb.com, Bibox, RightBTC, HitBTC, and Binance, emerged as the leading LTC markets.