A Litecoin [LTC] based derivative product is being launched by Crypto Facilities, a UK-based cryptocurrency futures trading platform. The product is set to go live on June 22nd.
The platform functions as a crypto exchange. They are partnered with CME Group to provide transparent indices. It is authorized and regulated by the Financial Conduct Authority of the United Kingdom. It allows for 50x leverage in long and short contracts. It also has features such as funding one’s account using Bitcoin or Ripple and a secure custody solution with deep cold storage.
The contract will be denominated in USD. It will allow investors to long or short futures contracts with Litecoin as the underlying collateral. The maturity periods will be weekly, monthly and quarterly.
The company said that it was in response to “strong client demand” that they began offering Litecoin futures. Timo Schlaefer, the CEO of Crypto Facilities said:
“We believe our LTC-dollar futures contracts will increase price transparency, liquidity and efficiency in the cryptocurrency markets,”
Charlie Lee, the Creator of Litecoin said that this will open up Litecoin trading to institutional investors and thus increase the liquidity of the currency. He also said that it would “make it easier for people to get in and out of litecoin.”
The company also launched futures based on Ethereum [ETH]. They also have products involving Bitcoin [BTC] and the XRP token.
Twitter user Joaquin Beltran said:
“British Crypto Exchange Logic: We must short it before it’s too late.”
Twitter user LTC said:
“The turn of Litecoin is coming”
Twitterati INDEMehra said:
“short everything and bring the market to ZERO!!”
User MadGrace_USA said:
“With all the negative comments here, I’m thinking it’s time to go long on LTC. Ah how the sentiment has changed since January”
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