A digital currency prime dealer that focuses on institutional investors and high-volume traders, SFOX, disclosed Thursday that it has added trading support for Litecoin (LTC). According to their statement, the move was part of the prime dealer’s broader expansion strategy to be the first digital assets management platform for institutional investors. Before now, the platform had been offering Bitcoin (BTC), Ethereum (ETH), and Bitcoin Cash (BCH) on their platform. By cataloging LTC, this latest addition brings the total number of cryptocurrencies to four. Also, the new kid on the block will see the prime dealer offer its customers USD/LTC transactions. And for crypto-asset customers looking to diversify their interests in cryptocurrency holdings, SFOX will also offer them BTC/LTC pairing.
Facts about SFOX
Since its foray into the cryptocurrency space in 2014, SFOX preens itself on the fact that it is a prime dealer for large-scale virtual currency investors. Indeed, SFOX focuses on funds, HNIs (high-net-worth individuals), and family offices. To date, the virtual currency prime dealer has successfully processed transactions worth $9B USD. Consequently, its client base has skyrocketed a dozen times since the beginning of 2018. By connecting institutions to a vast network of cryptocurrency platforms, SFOX enables these institutions to trade high volume of transactions without influencing their prices.
SFOX is Positioning for Institutional Investors
Just in August, SFOX announced that it has successfully raised $22.7M USD in order to expand its current business scope. With this Series A funding over and done with, the premier dealer is looking to become the prime intermediary for institutional investors. To this end, the prime dealer is developing the rails and infrastructure to make itself the foremost digital asset management platform. Indeed, SFOX is steadily moving along the path of progress. Similarly, it has added some new investment options for its clients. With these options, the clients can now choose its risk management and advanced security products. That’s not all. It has gone further to add Litecoin to its growing number of cryptocurrency investment options. No question, this move has become critical in order for SFOX to prepare itself as the most preferred investment management platform for soon-to-come institutional investors.
Litecoin (LTC) vs Bitcoin (BTC)
Litecoin and Bitcoin are two of the four digital currency options readily available to customers of SFOX. The two coins share a striking similarity and have had many enthusiasts compare them in times past. However, they still have their differences. The most significant difference is the shorter block time of LTC. Meaning, users confirm transactions a lot faster and cheaper on LTC, hence the name – Lite. Litecoin has also focused on adoption with a campaign slogan, #PayWithLitecoin. Indeed, the campaign is paying off as it has increased its market capitalization significantly.
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