Crypto Custodian Anchorage Adds Litecoin Support

Cryptocurrency custodian Anchorage continues to expand its list of supported assets by adding one of the oldest cryptocurrencies, Litecoin, to its platform.

According to the firm’s blog post, Litecoin has become the 27th digital asset that its users can store and trade on the platform, which already supports cyptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ripple (XRP), and others. The reason for the listing, the company said, is Litecoin’s liquid market and an increased interest from a sizable group of institutional investors, who wish to both trade and invest in the asset.

The Co-Founder and President of Anchorage, Diogo Mónica, said in the blog post:

“An early entrant into crypto, LTC has a longer history than most digital assets in the marketplace. And as a top ten digital asset by market cap, LTC already has a robust community of institutional investors interested in both holding and trading it.”

Litecoin has been in the market since 2011, when it was forked from the Bitcoin network by its founder Charlie Lee, making it one of the oldest cryptocurrencies to exist. Since then, it has become one of the most popular cryptos, currently ranked as the eight-largest cryptocurrency by market capitalization.

Earlier this month, the United States Financial Industry Regulatory Authority (FINRA) approved shares of Grayscale Investments’ Litecoin Trusts for trading on OTC Markets, alongside the firm’s Bitcoin Cash Trust. The firm reportedly has 2,725,300 shares in its Bitcoin Cash Trust for $5.8 million assets under management, and 509,400 shares of the Litecoin Trust totaling $2 million.

In the past several months, Anchorage has been expanding its focus on decentralized finance tokens as well, trying to become the leading custodian for such tokens. Back in April, the firm announced its support for Compound’s COMP token, and later in June, launched support for KEEP.