PALO ALTO, Calif., Sept. 27, 2018 /PRNewswire/ -- SFOX, a cryptocurrency prime dealer for high-volume traders and institutional investors, announced today that it has added trading support for cryptocurrency Litecoin (LTC) as part of a broader company expansion to become a premier institutional crypto asset management platform.
Litecoin joins SFOX's already-existing offering of Bitcoin, Bitcoin Cash, and Ethereum. SFOX offers its customers the opportunity to invest in Litecoin both as a direct USD-to-Litecoin transaction, as well as Bitcoin-to-Litecoin for those interested in diversifying their crypto holdings.
"Because we cater to investors who are accustomed to Wall Street standards, we only add cryptocurrencies we are completely confident in," said Akbar Thobhani, CEO of SFOX. "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."
Litecoin maintains many similarities to Bitcoin, but with several key differences, including a shorter block time, which means users are able to confirm transactions in a cheaper and faster manner. Litecoin has cultivated significant adoption and market capitalization, and is focused on its strengths as a global payments coin, as evidenced by the Litecoin Foundation's #PayWithLitecoin campaign to drive merchant adoption.
"This partnership provides increased liquidity and institutional exposure for Litecoin," said Charlie Lee, creator of Litecoin and managing director of the Litecoin Foundation. "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."
Founded in 2014, SFOX has established itself as the premier cryptocurrency prime dealer for large-scale investors such as funds, family offices, and high-net-worth individuals, with over $9 billion in transaction volume to date. SFOX, which has seen its client base grow 12-fold since the beginning of 2018, enables institutions to trade high volumes without impacting prices by connecting them to a vast network of global cryptocurrency liquidity venues.
In August, SFOX announced that it had raised $22.7 million in Series A funding to expand beyond its position as a prime dealer for institutional investors by building out the rails and infrastructure to become the premier institutional crypto asset management platform. In addition to increasing the advanced security and risk management products on offer, SFOX committed to adding new coin investment options for their clients, of which Litecoin is the first.
About SFOX SFOX is a cryptocurrency prime dealer that provides high-volume traders and institutional investors higher returns through best price execution via a global integrated order book. SFOX's Series A round was led by Tribe Capital and Social Capital, with participation from Y Combinator, Khosla Ventures, DHVC, Blockchain Capital, Upside Partnership, SV Angel, DCG, Mark Britto, and Airbnb Co-Founder Nathan Blecharczyk. Learn more at www.sfox.com.
About the Litecoin Foundation The Litecoin Foundation is a non-profit organization whose mission is to advance Litecoin for the good of society by developing and promoting state-of-the-art blockchain technologies. Registered in Singapore, the Foundation is comprised of full-time and volunteer support from around the globe. For more information, visit www.litecoin-foundation.org.