A cryptocurrency futures trading platform based in the UK called Crypto Facilities is launching a new futures product allowing traders to take positions on Litecoin futures.
Crypto Facilities CEO Timo Schlaefer spoke to CCN.com about the project.
“We have seen extremely strong growth in futures trading volumes, up 84% in Q1 2018 on Q4 2017, and we expect this to be at around 100% in Q2 vs Q1. Monthly XRP volumes are at around $125mm (up from $30mm in February).
We launched ETH in May and have seen significant adoption of the product and expect around $150mm in volume this quarter, which is approximately a 10% share of our total volume which is excellent for a newly launched product.”
Crypto Facilities’ current derivates offering includes Bitcoin, Ripple, and Ethereum futures, with Litecoin being the newest addition.
Mr. Schlaefer stated that Litecoin’s liquidity was a factor in choosing to offer futures contracts on the currency rated at 6 in the top ten list of cryptocurrencies by market capitalisation with a total value of $5.5 billion a24-hour hour trading volume of $263 million.
“Litecoin is one of the most liquid cryptocurrencies and there was significant client demand for a futures product referencing Litecoin.”
“These are the first regulated Litecoin futures, authorised by the UK’s Financial Conduct Authority.”
Crypto Facilities enables 24/7 trading and provides CME Group, the largest derivatives exchange in the world, with the CME CF Bitcoin Reference Rate that powers CME Group’s Bitcoin futures as well as the CME CF Ether-Dollar Reference Rate and Real Time Index.
The exchange will launch their Litecoin futures on Friday, June 22 and will enable traders to take long and short positions on futures contracts collateralized with Litecoin with weeekly, monthly, and quarterly maturities. Litecoin creator Charlie Lee commented on the exchange’s announcement saying: “Litecoin futures will open up LTC trading to more institutional investors. This will add to the liquidity of Litecoin and make it easier for people to get in and out of Litecoin.”
CEO Timo Schlaefer further revealed that the exchange may be expanding their derivatives offering to other digital assets soon, saying:
“We will continue to respond to client demand for new contracts on the most liquid cryptocurrencies.”
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Last modified: March 4, 2021 5:09 PM