Johannesburg – April 28th, 2020:
In an increasingly competitive exchange market in South Africa, Luno officially announced today that they would be adding Litecoin to their platform.
Luno will offer the coin, developed by Charlie Lee, on both their Exchange and Instant Buy/Sell platforms. The exchange said they are working hard to make sure everything is ready for users to be able to trade, buy, and sell Litecoin safely and easily. This includes making sure their multi-signature hot wallet and storage are ready, as well as conducting standard security checks and coordinating multiple layers of encryption.
Litecoin was one of the first cryptocurrencies to launch after Bitcoin back in October 2011. Many know the founder Lee as Chikun from Magical Crypto Friends (the crypto news show), but he’s also an MIT grad, a former Google employee, as well as being a former developer at Coinbase.
Lee has referred to Litecoin as the ‘silver’ to Bitcoin’s ‘gold’. Like Bitcoin, the coin is also a peer-to-peer cryptocurrency based on blockchain technology, with ambitions to become a global digital payment system.
Litecoin is the Silver to Bitcoin’s Gold. It must be true since it’s written in Bitcoin’s blockchain! https://t.co/LJb5kG3cs9
— Charlie Lee [LTC⚡] (@SatoshiLite) July 28, 2015
As per Luno’s announcement today, Litecoin forked from the Bitcoin Core client and uses much of the same code as Bitcoin. The main difference is that it processes blocks every 2.5 minutes instead of Bitcoin’s 10 minutes. It does this by using a different mining algorithm to validate transactions. This means a faster transaction confirmation time and, in turn, lower transaction fees. The supply limit is also different from Bitcoin; Litecoin has an 84 million coin supply limit while Bitcoin has a 21 million coin limit.
The addition comes after Luno recently added XRP, and once Litecoin is launched, the exchange “promised to add more”.
Just for fun, I’m going to call what comes next in order:
Agree? If not, leave a comment with your predictions.
While we wait to find out what comes next, confirmed with the African Executive Team at Luno about when LTC goes live:
“We can confirm that LTC will go live to all customers on the 11th of May. Customers will be able to create their LTC wallets, send/receive, and use instant buy/sell. The exchange will be in post-only mode on Monday 11th, and will be in full post mode on Tuesday 12th May.”