Crypto Facilities, the world’s major cryptocurrency exchange based in London, has announced that it is launching litecoin futures contracts. The platform already provides derivatives trading options with Bitcoin, Ripple, and Ethereum.
With the new offering, investors will be able to buy long and short futures contracts for litecoin with weekly, monthly and quarterly calculations. The new product will become available for trading starting this Friday, June 22.
The move, according to the platform’s CEO, Timo Schlaefer, is a result of an increased demand from its customers, who requested to add this particular cryptocurrency. The launch of the product will not only increase the coin’s stability, but will enable clients to effectively manage their investment risks.
“We are excited to be launching futures on Litecoin, one of the most widely traded cryptocurrencies. There has been strong client demand for this product and we believe our LTC-Dollar futures contracts will increase price transparency, liquidity, and efficiency in the cryptocurrency markets,” said Schlaefer. “As digital assets continue to mature, we expect to see a greater number of institutional investors entering the marketplace.”
Litecoin founder Charlee Lee sees the launch of the product as a great move for the litecoin community, as it will help the digital currency to get additional market exposure. He believes that the new offering will help to improve the litecoin’s liquidity and attract more institutional players to the cryptocurrency market.
“Litecoin futures will open up LTC trading to more institutional investors,” he said. “This will add to the liquidity of Litecoin and make it easier for people to get in and out of Litecoin.”
Founded in 2014, Crypto Facilities is the world’s most diverse derivatives marketplace providing clients with real-time risk management, trading, and hedging solutions for a range of digital assets. It is also the partner of the Chicago-based exchange CME Group, which uses its trading data for calculating the Bitcoin Reference Rate (BRR). Last month, they partnered to launch an Ether Real Time Index and Ether Reference Rate that offer real-time ether price in USD and a daily benchmark price.
The addition of futures contracts for litecoin comes a month since the launch of ethereum futures in May. Crypto Facilities is by far the only exchange offering futures trading instruments for four virtual currencies. Although CME Group said last month it is going to review customer demand for ethereum futures contracts, it doesn’t yet plan their launch on the platform.