eToro, a UK-registered multi asset brokerage firm, recently published the findings of its market research on Litecoin (LTC). The social trading platform’s research report noted that,
“If Bitcoin is digital gold, then Litecoin is digital silver.”
eToro’s report further stated that Litecoin’s network is “by far one of the most established” in the crypto industry. According to eToro’s research, LTC “can be considered as money” because it’s being widely used as a store of value and medium of exchange, which are the basic functions of traditional fiat money.
LTC Trading At A “Massive Discount”
Notably, the metrics analyzed by eToro’s researchers indicate that “LTC is trading at … a massive discount to what it should be worth.” With a market capitalization of over $3.4 billion, according to CryptoCompare data, the report classified Litecoin as a “deflationary asset” similar to Bitcoin (BTC).
Commenting on Litecoin’s ongoing development efforts, eToro noted the cryptocurrency’s network is similar to how the Bitcoin protocol was implemented. However, Litecoin has a “more scalable and smaller network” compared to the flagship cryptocurrency, the report stated.
“The Most Important Developments” In The Industry
Moreover, eToro’s market research revealed that “some of the most important developments in the [crypto] space have taken place in Litecoin sooner than on any other alt-coin.” The most significant ongoing development for Litecoin, according to the report, is Litecoin’s adoption of the Lightning Network, which is also used by the Bitcoin network as a second-layer payment solution to enable faster digital currency transactions.
Additionally, eToro’s report noted the Litecoin network was one of the first platforms to implement Segregated Witness (SegWit), a protocol that separates signature data from crypto transactions to allow for faster processing. “Segwit working on Litecoin greatly facilitated its implementation on Bitcoin”, the report contended.
Due to Litecoin’s quick integration of new technologies to its platform, LTC-based payments are increasingly being used by many businesses and retailers such as Czech Republic’s e-commerce company Alza.cz and crypto debit card provider Wirex, the report mentioned.
Litecoin Foundation Partners With TokenPay
Other notable merchants who are now supporting Litecoin (LTC) as a payment option include CheapAir, private plane rental company TapJets, and online gift cards provider eGifter. Notably, as CryptoGlobe reported, the Litecoin Foundation partnered with TokenPay to acquire a 9.9% stake in Germany’s WEG bank.
This is a significant development for Litecoin because TokenPay could potentially acquire up to a 90% stake in the large investment bank, however, this has not yet been approved by regulatory authorities.
Through the partnership, the Litecoin Foundation intends to increase LTC adoption by providing crypto debit cards and various other online payment options using the cryptocurrency.
Recently, Invest in Blockchain, a cryptocurrency analysis firm, also released its market research report in which Litecoin (LTC) was ranked among the top major cryptocurrencies for having the most legitimate use cases and “working products.”