Litecoin Futures Trading: Coming Sooner Than You Think
A Litecoin futures trading opportunity is starting soon, being launched by the cryptocurrency exchange Crypto Facilities, based out of the UK.
Crypto Facilities told CoinDesk that it would be launching the LTC futures trading on June 22nd. Investors will be able to long and/or short futures contracts with Litecoin as the underlying collateral. The contracts can be done with weekly, monthly, and quarterly maturities.
Charlie Lee is excited about the upcoming opportunity because he believes that this will “make it easier for people to get in and out of litecoin.” Lee feels that by starting Litecoin futures trading, LTC’s liquidity will improve, as it will make the cryptocurrency more available to institutional investors.
The Crypto Facilities exchange already offers Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) futures trading, with Ethereum being the most recent addition. The choice to do Litecoin next was due to “strong client demand” for Litecoin futures contracts explained the CEO of Crypto Facilities, Timo Schlaefer.
“We believe our LTC-dollar futures contracts will increase price transparency, liquidity and efficiency in the cryptocurrency markets,” Schlaefer continued, echoing Lee’s hopes for the coin.
What do you think? Will the LTC futures help improve Litecoin’s performance in the future? Let’s check in with how Litecoin is doing right now.
Litecoin (LTC) is currently selling for $98.58, which puts the coin down 0.23% in the past 24 hours.
Although LTC is currently down, so is much of the rest of the crypto market, so this doesn’t mean that this news won’t eventually start having a positive effect on the coin. Considering the futures trading hasn’t yet launched, there’s very little that could be done to affect the price beyond some hype among potential investors, and even that may still be yet to come.
Do you think the Litecoin futures trading will impact LTC’s price in the future?
Featured image: Ways 2 Capital