— Binance Africa (@BinanceAfrica) November 10, 2020
Binance will soon be launching a Litecoin – Nigerian Naira trading pair on its platform, according to a recent update from the company.
The new trading pair is likely informed by the surge in LiteCoin demand in Africa which was recently reported by LocalCryptos.
LocalCryptos, a non-custodial P2P platform, recently reported that LiteCoin has seen a surge of 266% in Sub-Saharan Africa since its launch in June 2020 on the platform due to its low transaction fee.
According to GrayScale Investments, the world’s largest bitcoin and crypto asset manager, the recently launched Litecoin Trust is now the company’s 6th largest product in value of assets under management.
Looking at the company’s Q3, 2020 report, the GrayScale Litecoin Trust experienced inflows of $27.2 million, an increase of over 1, 800% from Q2, 2020, the highest increase of any crypto investment trust managed by the company.
According to the company:
“Grayscale’s Bitcoin Cash, Litecoin, and Digital Large Cap products have all seen over 10x growth in inflows quarter-over-quarter.”
~Grayscale Q3, 2020 Digital Asset Investment Report
The new addition now brings to 7 the total Nigerian Naira (NGN) trading pairs on Binance below:
LiteCoin is a cryptocurrency created in 2011 by former Google employee, Charlie Lee.
Dubbed ‘the Silver to Bitcoin’s gold,’ its main purpose is to serve as a fast, near-zero cost pyament method that can be used worldwide in a secure, decentralized way.
LiteCoin and Bitcoin are very similar, and as a result, can ported on many escrow services without major changes.