SFOX is a cryptocurrency prime dealer which caters to institutional investors and high volume professional traders, has added Litecoin as the fourth cryptocurrency listed on the platform.
The company, based in Palo Alto and founded in 2014, made the announcement Thursday that it had added support for Litecoin trading in response to institutional demand.
“Because we cater to investors who are accustomed to Wall Street standards, we only add cryptocurrencies we are completely confident in,” said CEO of SFOX Akbar Thobhani, “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.”
Clients will be able to trade Litecoin against Bitcoin and USD, Litecoin creator Charlie Lee said this move would increase the liquidity of Litecoin as well as ease access to institutional buyers.
“This partnership provides increased liquidity and institutional exposure for Litecoin,” Lee said. “SFOX is backed by several well known investors, which speaks to the company’s business model and team. We look forward to providing support through the Litecoin Foundation to help make this partnership a success.”
SFOX has closed $22.7 million in Series A funding, led by Tribal Capital. Other notable personalities and firms have also invested including Y Combinator, Khosla Ventures, Blockchain Capital, and Airbnb co-founder Nathan Blecharczyk.
SFOX stated it has processed in excess of $9 billion in transaction volume since its launch in 2014 and a client growth of 12 fold in 2018.