ebpay, one of India’s most leading Bitcoin exchange platform recently declared that they have added trading functionality for the seventh largest crypto-currency through existing marketplace capitalization. In a blog post, the company stated that the virtual currency is one of the various other tokens that have been scheduled to be added in the coming future. Litecoin now becomes the third cryptocurrency which can be bought on the platform in exchange for the Indian Rupee.
While Zebpay has introduced support for Litecoin and Bitcoin Cash, at this moment you can only trade either of these currencies with the Indian Rupee and not among each other. Basically, you cannot trade your Bitcoins to buy Bitcoin Cash or Litecoins. Toggling between different virtual currencies involves the client to first ‘sell’ their holdings for fiat equivalent, making the complete procedure vulnerable to market volatility.
In October 2011, Litecoin has been introduced by former Google employee, Charlie Lee, and has been considered as the most popular crypto-currency. It is one of the oldest crypto-currencies in the marketplace and has a market capital close to $10 billion. It is known as the ‘digital silver’ when compared with Bitcoin which is often called ‘digital gold’. The crypto-currency spiked at the end of 2017 when it reached $360.
A Huge Step In The Middle Of Strong opposition
While Zebpay supports the mark between cryptocurrency exchanges in India, it is still facing strong opposition. It is considered as a big move by the company as the Indian crypto-currency community is apparently covered by the government and banks. Last week, many major banks in India have frozen the bank accounts of leading domestic Bitcoin users.