Gemini Launches Litecoin Trading Pairs, Postpones Bitcoin Cash Listing

Litecoin (LTC) will be tradable on the Gemini crypto-asset exchange starting October 16, Eric Winer, VP of engineering at Gemini, announced in a Medium post. Litecoin is only the fourth crypto-asset to be listed on the highly regulated exchange, after Bitcoin, Ethereum and Zcash.

The launch was expected, as Gemini had already announced the addition last month in a twitter post.

According to the recent announcement, Gemini’s users will be able to trade the cryptocurrency against all other assets on its platform. The announcement has had a negligible impact on LTC’s price, with the coin’s value gaining about 1.5% between the announcement and press time.

Litecoin's price was barely affected Bitcoin Cash Delayed

There was, however, one unexpected announcement. Support for Bitcoin Cash (BCH), which Gemini had planned to announce today, has been postponed because of uncertainty and controversy surrounding an upcoming hard fork of the cryptocurrency.

Winer elaborated that “there has been much uncertainty lately within the Bitcoin Cash community about one or more possible hard forks arriving in mid-November. Some of those forks lack the replay protection feature that would be required for Gemini to safely support Bitcoin Cash.”

Litecoin’s creator Charlie Lee recently made waves while debating Bitcoin Cash creator Roger Ver, saying that Bitcoin and Litecoin were “not peer-to-peer.” Lee also recently claimed that Litecoin’s value was being suppressed and that it was undervalued, blaming “people/funds that are shorting LTC” as well as “groups that see Litecoin as a threat.”

Gemini, founded by the infamous Winklevoss twins, made a stir recently by announcing its own stablecoin built on the Ethereum blockchain, the Gemini Dollar. A notable function of the highly regulated and audited new stablecoin is that transactions can be halted or even reversed if law enforcement agencies direct Gemini to do so, or if Gemini suspects illicit behavior.

Ethereum Co-Founder Tells Binance CEO Crypto Can Do More Than Reform Money

Ethereum co-founder Vitalik Buterin has told Binance CEO Changpeng Zhao that cryptocurrencies can do more than just “reform money,” adding the crypto community should expand beyond the finance mentality.

In a tweetstorm, the co-founder of the second-largest cryptocurrency by market capitalization argued that some of the most popular narratives in the cryptocurrency space do not apply to this year’s crisis. Per Buterin, while Bitcoin was created n the aftermath of a global financial crisis in 2008, this year we’re dealing with a “virus crisis,” a crisis related to epistemology, and one of “overbearing policing.”

As a result, he said, the narrative bitcoiners user surrounding inflation is not the best one to use right now, taking into account that while the Federal Reserve’s balance sheet has been growing, inflation isn’t.

Buterin added, pointing to the March crash in equity markets and in the cryptocurrency space, that Bitcoin and other cryptos are also not uncorrelated to traditional assets, as at the time both dropped significantly. While Bitcoin has since recovered to give investors positive returns YTD, the S&P 500 has been struggling to climb back up to its highs.

Nevertheless, Buterin argued that it is time for the cryptocurrency community to understand “finance is relatively less important this decade than it was in the last decade,” and adjust to this new reality. The co-founder of ETH added his cryptocurrency already has various applications that go beyond finance, including governance, decentralized communities, censorship-resistant publishing and communication, and more.

Per his words, stablecoins have succeeded in the space because users are not trying to get away from the U.S. dollar, but are instead moving into the cryptocurrency environment to have more options on what they can do with their own money.

He then pointed to a tweet from Binance CEO Changpeng Zhao arguing “Bitcoin is the peaceful protest,” and claimed that “reforming money is not sufficient” and the crypto community needs to expand its mentality.

Buterin went on to say that 2016-.2020 is a “period of ideological realignment. Many old ideologies and coalitions are dying, and many new ones being born. The hills and valleys on the battlefields are shifting.”

Featured image via Unsplash.