London based cryptocurrency exchange, CEX.io, has decided to relist Litecoin on their platform. On 2017, CEX.io decided to remove Litecoin from their platform. According to CEX.IO, they wanted to focus completely on the booming growth of Bitcoin.
According to the official statement by Oleksandr Lutskevych, CEO of CEX.IO,
“While we’ve always recognised the importance of Litecoin to the crypto economy, back in 2017 we had to stop supporting it and prioritise the upgrading of our platform to respond to the growing market. Now that we’ve advanced our infrastructure and our security procedures, we are ready to reintroduce Litecoin. Its addition will augment the trading experience for both retail and professional traders on CEX.IO”
For the initial four weeks from the day on introduction, Litecoin can be traded at no fee. CEX.IO will initially support LTC/BTC pair and LTC/USD pair. Future expansion may possibly include LTC/EUR, LTC/GBP, LTC/RUB pair. All these fiat currencies are supported by CEX.IO.
According to some people from crypto Twitter, the reason for Litecoin’s removal from CEX.IO was low trade volume. CEX.IO has a relatively low volume compared to other exchanges, but it does allow fiat deposits and withdrawals.
Litecoin is currently trading at $57.55 and has a market cap of $3.375 Billion. There’s a slight dip in the daily trading volume and currently sits at $260 million from $339 million on October 6th (source: Coinmarketcap).
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