KUALA LUMPUR: Following the introduction of XRP, Luno has added Litecoin (LTC) to its trading platform.
This is the fourth digital asset approved by the Securities Commission Malaysia to be traded by Malaysians. From July 7, Malaysians will be able to buy, sell, store and learn more about this digital asset.
LTC, often referred to as the silver to Bitcoin’s gold, is a top ten cryptocurrency with a market cap of US$2.7 billion. The cryptocurrency, initially created in 2011, was developed to provide a faster and cheaper alternative to Bitcoin, with the aim of offering a better option for day-to-day digital currency commerce.
In a statement, Luno (Southeast Asia) general manager David Low, commented: “The Covid-19 outbreak is creating challenges for individuals, regions and nations around the world.
“However, unlike previous pandemics and crisis, we’re more technologically connected than ever – working remotely and shopping online – which is also changing the way people perceive cryptocurrencies.
“From large investment companies through to individuals everyone is reassessing how and where they work. They are also looking at how and what they invest in, what they use to make purchases or exchange value, and want to have access to digital assets like Litecoins.
“Although LTC and Bitcoin (BTC) share some similarities, there are key differences between the two: LTC has new blocks four times as often, meaning it has shorter confirmation times (2.5 minutes against 10 in the Bitcoin network).
“Unlike BTC, which will only ever have up to 21 million coins, Litecoin will ultimately have four times as many coins meaning it is proportionately cheaper than Bitcoin. Finally, LTC’s hashing algorithm is memory-based rather than CPU-based, making it easier for the average person to mine.”
Low added, “We only list digital assets that are safe, secure and have the utility benefits our clients want, that is why we’ve introduced LTC after seeking approval from the Securities Commission Malaysia.”
Luno is a global cryptocurrency exchange and the first regulated digital asset exchange approved by the Securities Commission Malaysia. It has already handled RM32 billion equivalent in transactions globally, provides investors, traders and businesses the ability to buy, store and learn about digital assets, in a secure and safe environment. Luno customers can already access Bitcoin (BTC), Ethereum (ETH), and XRP (Ripple) in Malaysia.