Bitstamp is adding Litecoin and Ethereum to its platform. The EU-licensed exchange will launch LTC/BTC, LTC/EUR, and LTC/USD trading pairs in early June, followed by Ethereum. The move comes after the
Bitstamp is adding Litecoin and Ethereum to its platform. The EU-licensed exchange will launch LTC/BTC, LTC/EUR, and LTC/USD trading pairs in early June, followed by Ethereum. The move comes after the exchange added XRP trading in January. Litecoin's recent activation of Segregated Witness (SegWit) influenced the decision to expand offerings, Bitstamp said. The company plans to continue evaluating other cryptocurrencies for future inclusion.
CEO Nejc Kodrič explained the timing. "Things are changing rapidly and we now have the fundamentals in place to give our traders all the services they're used to, but in a safe and secure environment. Now is the right time to expand and continue giving our customers what they want," he said.
Bitstamp is testing margin trading in closed beta, with plans to open access in the months ahead. A new trading interface is also coming soon.
Bitcoin climbed to $2,600 on Bitstamp by Thursday, up 38% for the week alone. The year started with bitcoin near $1,000 per coin, representing a more than 100% gain through May. Bitstamp's trading volume has surged in recent weeks as the cryptocurrency's market cap exceeded $41 billion, making bitcoin the world's largest cryptocurrency by value.
Two factors are driving the rally. Experts attribute the surge to exploding demand for Initial Coin Offerings and the altcoins they launch. Facing economic instability, residents in Russia, Nigeria, Venezuela, and South Korea are turning to bitcoin and other cryptocurrencies for more reliable transactions.
Sheffield Clark runs Coinsource. "What we're seeing is mainstream adoption … and cryptocurrencies like bitcoin becoming an accepted commodity for investment," he told CBS News. "I also expect many countries to follow Japan's footsteps and recognize bitcoin as a legal payment method. As the investor base broadens, there inevitably will be a bandwagon effect that will take hold."
Ethereum is outpacing the broader market. Ether hit $210 on Thursday, climbing 144% during the week. Since January, the cryptocurrency has surged 2,525%, with corporate adoption of smart contracts fueling the gains.
The Enterprise Ethereum Alliance, formed earlier this year, has emerged as a major force in connecting corporations to the platform. Founded with JPMorgan, Microsoft, and Intel, the alliance works to position Ethereum as an enterprise-grade technology while advancing privacy, confidentiality, scalability, and security standards. The EEA also investigates hybrid architectures spanning both permissioned and public Ethereum networks alongside industry-specific application layer working groups.
At Consensus 2017 on Tuesday, the EEA announced 86 new member firms including Deloitte, the Depository Trust & Clearing Corporation (DTCC), Infosys, ING, Mitsubishi UFJ Financial Group, and Samsung SDS.
