Indian cryptocurrency exchange adds Litecoin to trading platform

By Our Reporter
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On 25 January, Zebpay, one of India’s most popular mobile-based cryptocurrency exchanges, added Litecoin to its trading platform.

Litecoin is the second cryptocurrency that has been added to Zebpay over the past few weeks, having earlier allowed users to trade Bitcoin Cash (BCH). The company will also be introducing Ripple and Ethereum to its exchange.

Litecoin, released in October 2011 by former Google employee, Charlie Lee, was introduced as a lighter alternative to bitcoin. It is one of the oldest cryptocurrencies currently on the market and has a market cap of close to $10 billion. In December 2017, Litecoin reached an all-time high price of around $350.

In a blog post on its website, Zebpay stated that the cryptocurrency is one of the several other tokens that are also scheduled to be added in the near future.

Users of Zebpay that held any amount of bitcoin prior to the Bitcoin Cash hard fork on 1 August, 2017 were also given an equivalent amount of BCH once the cryptocurrency was added to the platform. Some customers, however, were able to withdraw their Bitcoin Cash balances to their external wallets as early as November 2017. On 14 December, Zebpay withdrew the option of sending the forked cryptocurrency to other wallets in favour of crediting the balance to its own trading platform once released.

Importantly, though, Zebpay does not offer cryptocurrency to cryptocurrency pairings on its trading platform. Converting between different digital currencies requires the user to first ‘sell’ their holdings for fiat equivalent, making the entire process susceptible to market volatility.

Based on the time interval between the addition of Bitcoin Cash and Litecoin, it may only be a couple of months before all four digital currencies can be traded on the platform.

As of December 2017, Zebpay serves over 2 million users with that number expected to rise in the near future.

 

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