Binance Singapore Supports Litecoin, to Add LTC/SGD Trading Pair
Litecoin (LTC) is the most recent cryptocurrency to be listed on Binance Singapore’s fiat-to-crypto exchange. Announcing this via a Twitter update, the Singaporean branch of the giant crypto exchange said that the coin would have LTC/SGD as its only trading pair for now.
🐝New listing alert 🐝
More trading pairs will be added in the upcoming days! STAY TUNED
What would you like to see listed next?🙈 pic.twitter.com/w0wmhxK8Wm
— BinanceSingapore (@BinanceSGD) July 16, 2019
Binance Singapore went live on July 10 and currently supports crypto trading using the local currency, Singapore dollars. Binance saw it wise to launch the exchange so that it could comply with the country’s stringent regulations which make it almost impossible for locals to buy digital coins abroad.
The launch of this Singapore-based exchange comes hot on the heels of Binance rolling out two other similar platforms in Jersey and Uganda. CZ, Binance CEO, is reportedly planning to set up 10 exchanges in every continent, except Antarctica.
Litecoin Could Help Binance Penetrate Southern Asia
The decision to list Litecoin in Singapore, however, is widely perceived as a strategy of enabling smaller, faster crypto payments. LTC, which is popularly called “the silver to Bitcoin's gold,” has been tailored by the exchange to allow the locals to buy digital currencies using local fiat. Basically, Binance is permitting trading of a particular type of coin in a bid to maintain its vast global dominance in the crypto industry.
Also, it is widely expected that the GDP of the 37th largest economy across the planet will grow as a result of Binance pitching camp there. Litecoin, of course, will be at the heart of it, although Binance expects the exchange to be their launchpad into taking over the larger Southern Asia.
Twitter, meanwhile, has been having an interesting debate in the wake of this latest development. A Twitter user called Messari Crypto’s @fmoulin7, questioned the market’s stance on transparent monetary regulations, wondering if it is
“becoming more rational and demanding.”
The user mentioned XRP and XLM, terming them the “the worst-performing assets” because of their lowest circulating to outstanding ratio among the top 10 coins. The user further said that Libra could pose more competition in the industry.
Litecoin Doing Pretty Well At The Moment
Litecoin, meanwhile, has the second-best year-to-date performance in terms of liquidity and market cap, after Binance Coin. The coin has stood firm against the recent troubles and is currently one of the best performing digital assets in the market.
If it keeps the pace, this digital silver may eventually be referred to as digital platinum. Binance Singapore will no doubt help both coins will grow and eventually register increased adoption in the crypto universe and the cryptocurrency revolution as a whole.