SFOX, The Premier High Volume Crypto Asset Management Platform Lists Litecoin (LTC)
SFOX, a crypto asset management platform for high volume traders and institutional investors announced yesterday, September 27th, that it was adding trading support for Litecoin (LTC). The platform allows users to invest in Litecoin through direct USD to Litecoin or a Bitcoin to Litecoin transaction. SFOX already lists Bitcoin, Bitcoin Cash and Ethereum and the addition of Litecoin only expands the platform’s offering with more diversification options for its users. In the announcement, SFOX CEO, Akbar Thobhani stated that its clientele consists mainly of clients who are already accustomed to Wall Street standards and therefore they have to be very confident in the coins they chose to add to their portfolio.
He added that,
“Litecoin has utility and liquidity, and is supported by a great team at the Litecoin Foundation. We are happy to deliver on our promises and provide our customers with an option that they’ve been asking for.”
SFOX was founded in 2014 with the goal of providing services tailor made for large scale investors. Its clients have included funds, family offices and high net worth individuals and it has transacted 0ver USD 9 billion in cryptocurrency to date.
SFOX has grown its client base by more than 1200% since the beginning of the year. Its features allow users to trade high volumes of cryptocurrency without affecting price by distributing such transactions to a large network of global cryptocurrency liquidity avenues. The move increases liquidity and exposure for Litecoin with its CEO, Charlie Lee noting that,
“SFOX is backed by several well-known investors, which speaks to the company’s business model and team. We look forward to providing support through the Litecoin Foundation to help make this partnership a success.”
Litecoin was developed to improve on the original Bitcoin and as such, the two platforms share a lot of similarities. The main differences brought by Litecoin include a shorter block time, a feature that enables for faster and cheaper confirmation of transactions. Since its creation, Litecoin has grown in terms of adoption and market capitalization. It is focused on developing as a global payment coin and continues to push towards this goal through the #PayWithLitecoin campaign run by the Litecoin Foundation. The aim of the campaign is to encourage and assist more merchants to join in and accept Litecoin as a form of payment for their goods and services.
SFOX intends to expand beyond large traders and institutional investors and in August, it announced that it had raised USD 22.7 million in series A funding to facilitate the development of infrastructure to enable it become the premier institutional crypto asset management platform. The funds will also go towards improving on the platform’s advanced security and risk management features and to facilitate addition of new coins onto the platform to give clients more options for more diversification.
Following the announcement, Litecoin has gained over 11% within the last 24 hours to trade at USD 64.32. Its market capitalization stands at USD 3.76 billion making it the 7th largest in the market. The listing is likely to open up more opportunities for the coin to grow further in value.