It was only a matter of time before new futures contracts involving different cryptocurrencies came to market. Contrary to what most people expected, it appears Litecoin futures are of great interest to Crypto Facilities. It is an interesting concept which will bring more attention to one of the older alternative currencies still on the market.
Litecoin Futures Could Be a Game Changer
When Bitcoin futures were first introduced, a lot of people had high expectations of them. On paper, they are a perfect solution to expose institutional investors to cryptocurrencies without having to buy cryptocurrencies directly. It is a system that works well, although it has not become all that popular just yet. Even so, there is no time to stand still in this industry, as innovation remains critical.
UK-based Crypto Facilities has been looking at other ways to introduce new futures products to its customers. The firm has shown a big interest in Ethereum products, and it now seems it will introduce Litecoin futures in a LTC/USD pair as well. It’s an interesting decision, especially given that Litecoin is often overlooked in the cryptocurrency world.
It is also the first time regulated Litecoin-dollar futures have ever come to market. For the cryptocurrency industry, this is rather good news, considering that there is so much more to this industry than just Bitcoin and Ethereum. While the focus on Litecoin may not necessarily make sense to some people, it is still one of the more popular altcoins on the market today.
Crypto Facilities’ CEO Timo Schlaefer commented:
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. As digital assets continue to mature, we expect to see a greater number of institutional investors entering the marketplace.
It is the fourth futures product launched by Crypto Facilities in quick succession. The company first introduced Bitcoin products, followed by similar offerings for Ethereum and Ripple’s XRP. By adding Litecoin to this growing list of supported currencies, it is evident the top cryptos ranked by market cap will continue to be of great interest. Whether or not this will lead to Bitcoin Cash futures as well is a different matter altogether.
All of this goes to show that the cryptocurrency industry will continue to evolve at an accelerated pace. While bringing more exposure to Litecoin may not necessarily have a major impact overnight, it does set an interesting tone for the rest of the cryptocurrency industry. Futures contracts are seemingly here to stay, although their true impact on the industry has yet to be determined. Even so, it is a very positive development for the industry as a whole.