SFOX Adds Support for Litecoin Giving Institutional Investors the Chance to Diversify

The move follows a Series A raise of $22.7 million last month, which will accelerate expansion of SFOX's institutional asset management platform. The capital also supports the company's efforts to build out security and risk management capabilities tailored to institutional buyers. SFOX lets clients trade Bitcoin, Ethereum, and Bitcoin Cash, but leadership wants to broaden the menu. Litecoin, valued at $3.3 billion and ranked seventh among cryptocurrencies, fits the company's criteria for new assets to support.

Customers can buy Litecoin with dollars or exchange Bitcoin for it through SFOX's trading interface. Akbar Thobhani, the company's chief executive, said SFOX evaluates each potential cryptocurrency asset with strict criteria because "we cater to investors accustomed to Wall Street standards." He continued: "Litecoin has utility and liquidity, and is supported by a great team at the Litecoin Foundation. We are happy to deliver on our promises and provide our customers with an option that they've been asking for."

Litecoin shares Bitcoin's core design but operates with a shorter block time. This feature enables transactions to confirm and settle faster and at lower costs than on Bitcoin's network. Merchants and payment processors have begun adopting Litecoin, making it possible to pay for goods and services with the coin.

Charlie Lee, Litecoin's creator and managing director of the Litecoin Foundation, welcomed the news. "This partnership provides increased liquidity and institutional exposure for Litecoin," he said. SFOX sources liquidity from exchanges, over-the-counter desks, and market makers around the world, a model that the company says gives institutional clients better returns and lower costs than traditional financial channels.