Litecoin has managed to enter one huge market after Coinone, South Korea’s second largest cryptocurrency exchange behind Bithumb, integrated the digital currency, informs CCN.
Within 24 hours since the cryptocurrency joined the Coinone “family”, the exchange has processed $3.2 million worth of Litecoin-to-Korean won trades, reaching 11th position in a top that contains the most largest Litecoin exchanges in the market.
South Korea, one of the top markets for Litecoin
25 percent of global Litecoin trades are being processed by Bithumb, so this means that South Korea is a vital market for the digital currency. Bithumb makes $38.5 million in LTC-to-KRW trades on a daily basis, a sum that transforms GDAX trades, Coinbase’s flagship digital currency exchange, into a child’s play.
“Bithumb has been an important factor in the rapid growth rate of Bitcoin Cash. As the second largest cryptocurrency exchange in the world behind Bitfinex, the integration of Bithumb provides significant liquidity to a cryptocurrency,” said a CCN report. South Korean trading platforms offer an aspect essential for this rapidly growing market – immediate liquidity.
Coinone operates a major offline exchange, one that pursues institutional investors, retail traders, and high profile investors in the traditional financial industry. The fact that it offers direct customer service in its headquarters in Seoul and guides clients through the process of trading cryptocurrencies helps very much Coinone build its reputation.
Is there room for even more growth?
The growing popularity of offline exchanges likely conducted to this demand of Litecoin in South Korea. The circle continues with Bithumb transforming into the largest Litecoin exchange in the market.
Since Coinbase executive Charlie Lee resigned from his position to concentrate all his powers on the development of Litecoin, the digital currency has demonstrated a rapid growth rate. The coin has integrated the Bitcoin Core development team’s transaction solution Segregated Witness (SegWit) and is looking into solutions such as atomic swaps to increase efficiency and privacy for users.