In a blog post on its website, the company stated that it will integrate more cryptocurrencies into their platform.
India’s popular mobile-based cryptocurrency exchange, Zebpay, has added Litecoin to its trading platform.
India’s leading bitcoin exchange platform Zebpay, on January 25th 2018, announced that it has added trading functionality for Litecoin (LTC), the seventh largest cryptocurrency by current market capitalization.
On October 2011, Litecoin was launched by Charlie Lee, a former Google employee. Introduced as a lighter alternative to Bitcoin, Litecoin reached an all-time high price of around USD $350 in December last year. With the market cap of around USD $7 billion, Litecoin is the second oldest cryptocurrency after Bitcoin.
In a blog post on its website, the company stated that it will integrate more cryptocurrencies into their platform. Soon after adding trading functionality for Bitcoin Cash (BCH), Zebpay announced the addition of Litecoin. Now with this new update, exchange’s app will enable more than 1.3 million users to buy, sell, send and receive Litecoin.
However, as of now, Zebpay users can trade Litecoin and Bitcoin Cash with the Indian Rupee only and not amongst each other. This means users cannot trade their Bitcoins to buy Bitcoin Cash or Litecoins. In order to convert between different cryptocurrencies, the user needs to first ‘sell’ their holdings for fiat equivalent, which makes the whole process vulnerable to market volatility.
Before Bitcoin Cash hard fork on August 1, 2017, Zebpay users that held any amount of Bitcoin were given an equivalent amount of BCH once the cryptocurrency was added to the platform. Zebpay on December 14th pulled down the option of sending the forked cryptocurrency to other wallets in favor of crediting the balance to its own trading platform once released.
One of the top bitcoin exchange platforms in India, Zebpay in its November newsletter announced that the company will also be introducing Ripple and Ethereum to its exchange and with this, all four digital currencies would be traded on the platform.
As of December 2017, Zebpay had more than 2 million users and its mobile app has been of immense success on the Android and iOS marketplaces. While Zebpay is the leading cryptocurrency platform in India, it’s still facing stiff competition from other crypto platforms, like Koinex and Coinsecure. Koinex already provides Bitcoin, Bitcoin Cash, Ethereum, Ripple, and Litecoin trading support, in addition to Golem, IOTA, and OmiseGO.
Looking at the present stance of the Indian government, it is a big step taken by the company as the Indian cryptocurrency community is under a strict watch of government and financial regulators.
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