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XRP Ledger powered exchange platform GateHub adds support for Litecoin (LTC)

source-logo  cryptoninjas.net 29 May 2021 09:40, UTC

GateHub, a platform for blockchain assets that operates on top of the distributed Ripple payment protocol, announced it has added support for Litecoin and will list LTC starting on June 2nd, 2021.

The platform will fully support LTC for deposits, withdrawals, and trading on its XRPL-powered exchange. Moreover, LTC is available for trading with support for fiat (USD, EUR) and cryptocurrencies (XRP, BTC, ETH, BCH, ETC, DSH) as well as any other XRPL IOU.

Litecoin listed on GateHub

LTC will be fully supported on GateHub as any other cryptocurrency. Users will be able to generate a deposit address that will direct funds to their wallets. Sending LTC is done via GateHub owned wallets.

Importantly, the XRPL supports any-to-any exchange; users will be able to swap LTC with any GateHub supported currency on the XRPL via GateHub’s trading app.

Features of Litecoin

Litecoin is an open source software project and early Bitcoin spinoff that was started in 2011 by Charle Lee. It uses proof-of-work like Bitcoin but has a decreased block time generation (2.5 minutes), increased maximum supply (84M), and uses a different hashing algorithm (scrypt instead of SHA-256).

Firstly, Litecoin used addresses starting with “L”. Then, following the implementation of SegWit, the new address format started with a “3” which was confusing as Bitcoin also uses 3-addresses after SegWit. Litecoin made an adjustment and today Litecoin SegWit addresses start with “M”.

Users will use M-addresses for deposits while withdrawals to L and M-addresses will be supported.