A cryptocurrency dealer, aiming to provide trading services for high-volume traders and institutional investors, has today announced it is adding support for Litecoin.
Founded in 2014, Silicon Valley-based SFOX has established itself as a crypto dealer for large-scale investors including family offices, funds, and high-net-worth individuals. It claims to have aided over $9 billion in transaction volume to date, reporting a 12-fold increase to its client base since the beginning of 2018.
The announcement from SFOX comes a month after it raised $22.7 million in Series A funding, which will go toward expanding its instituational crypto asset management platform. It will also help to advance the security and risk management products on offer. However, SFOX are keen to add new crypto investment assets for its clients.
According to its website, it promises higher returns and more savings to its customers. It does this by “using our liquidity sourced from a global set of exchanges, OTC desks, and market makers.”
At present, institutional investors are limited to investing in Bitcoin, Ethereum, and Bitcoin Cash. While SFOX already offers these to its clients, it also wants to present a coin that will help them diversify in addition to providing utility and liquidity.
With a market cap currently worth $3.3 billion, and ranking seventh in the leader board, Litecoin is the latest to join SFOX. In an announcement, the platform will offer its customers the option of investing in Litecoin as a direct USD-to-Litecoin transaction, and as Bitcoin-to-Litecoin for those who want to diversify on their assets.
Akbar Thobhani, CEO of SFOX, said that they can only add cryptocurrencies they are completely confident in due to the fact that they “cater to investors who are accustomed to Wall Street standards.”
“Litecoin has utility and liquidity, and is supported by a great team at the Litecoin Foundation,” Thobhani added. “We are happy to deliver on our promises and provide our customers with an option that they’ve been asking for.”
Even though the altcoin has many similarities to Bitcoin, it also has a number of differences. One, of which, is a shorter block time. Because of this, users are able to confirm transactions quickly and cheaply. As a result, it is also being added to various services, enabling people to pay for services and goods in it.
In light of the announcement, Charlie Lee, creator of Litecoin and managing director of the Litecoin Foundation, said: “This partnership provides increased liquidity and institutional exposure for Litecoin.”