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Crypto Derivatives Platform Prepares to Launch Litecoin Futures Trading

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Crypto Facilities, a UK-based cryptocurrency futures trading platform, will launch Litecoin futures trading starting from June 22nd, as reported by Coindesk. Customers will be able to choose future contracts where Litecoin will work as a collateral.

Timo Schlaefer, the Crypto Facilities CEO, said, “We believe our LTC-dollar futures contracts will increase price transparency, liquidity and efficiency in the cryptocurrency markets.” Litecoin’s founder Charlie Lee applauded the company’s effort in expanding investment opportunities for LTC supporters. He also added that this would increase Litecoin’s liquidity and “make it easier for people to get in and out of Litecoin.” Crypto Facilities will provide weekly, monthly and quarterly futures contract for all cryptocurrencies.

Founded in 2014 and regulated by the Financial Conduct Authority, Crypto Facilities offers trading solutions for Bitcoin, altcoins and futures. The platform has partnered with financial market company CME Group Inc., to provide reliable pricing data for investors. On May 11th, 2018, the company launched ETH/USD futures in collaboration with financial institution Akuna Capital. Currently, it supports Ethereum, Bitcoin, Litecoin and Ripple.

This news appears to have had little effect on Litecoin’s price, as it has declined by 2.88% in the last 24 hours. LTC is currently worth $96.28 and its market cap is valued at $5 billion. However, it isn’t the only cryptocurrency experiencing a downturn. After it was announced that South Korean crypto exchange Bithum was hacked yesterday, crypto prices started to fall. All of the top 10 cryptocurrencies have declined in value, with IOTA, TRON and EOS falling by 7.08%, 4.5% and 3.42% respectively.

Investigations into the theft have been started by the South Korean Ministry of Science and Technology (MIC). Since Coinrail, another local cryptocurrency exchange, was also hacked earlier this month, MIC plans to track 21 South Korean exchanges that show signs of a lack of security. These exchanges will be asked to update their systems and improve the platform by September of this year.

Image Credit: Deposit Photos

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