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Coinbase Adds Litecoin as the Currency Experiences Price Pumps

On the heels of impending Litecoin Segregated Witness activation, Coinbase has added Litecoin functionality. Their users can now buy, sell, and hold Litecoin. This comes as a boon to anyone wanting to expand their cryptocurrency collection on Coinbase. 

Read more: Bitpay Partners With Bitmain in a ‘Multi-Million Dollar Agreement’

A Coinbase blog said, “We are pleased to announce that Coinbase is adding support for Litecoin. Customers can now easily buy, sell, send, and store Litecoin via the Coinbase website or mobile apps.”

Coinbase is a Digital Currency Company

In January, Coinbase CEO Brian Armstrong announced that they were planning on heading this direction. He said they are not just a bitcoin company. They are a digital currency company. In this vein, they will not only cater to bitcoin enthusiasts and investors—they will broaden their scope to include a plethora of cryptocurrencies. He said,

“As we kick off 2017, I think it’s important for Coinbase and GDAX to continue supporting more cryptocurrencies. We are no longer just a Bitcoin company. We are a digital currency company.”

Armstrong went on to say that he is worried about Bitcoin’s ability to scale and keep Coinbase Adds Litecoin as the Currency Experiences Price Pumpstransaction fees low. He mentioned he is not betraying bitcoin or losing faith in it as a form of “digital gold.”

He said, “To be clear, I love Bitcoin and it is not going anywhere. It appears to be the reserve currency of the digital currency space — a sort of digital gold if you will.”

Additionally, Litecoin’s founder Charlie Lee has been working with Coinbase as Director of Engineering for some time. According to a TechCrunch article, Lee mentioned there has always been discussions about adding Litecoin functionality to Coinbase. These plans just did not materialize until recently as a result of Litecoin’s slow start. Things have dramatically intensified for the Litecoin ecosystem over the last several weeks, though.

Litecoin, Segwit, and Price Pumps

The Litecoin community recently formed a round table consensus for activation of the Segwit protocol. Most agreed that turning on Segwit is the correct course of action for maintenance and short-term scalability of Litecoin. Most also did, however, agree to implement another soft fork or hard fork when Litecoin requires further scalingCoinbase Adds Litecoin as the Currency Experiences Price Pumps.

Shortly after the consensus, Bitcoin.com reported that the Litecoin network surpassed the required number of signaling blocks to activate Segwit. According to the report, after another activation period, Segwit will begin functioning.

Between the news of Segwit activation and Coinbase’s implementation of a Litecoin wallet, the price of Litecoin has seen a significant price pump. The current price on coinmarketcap.com sits at $20.60, with a 24 hour increase of 31.15%.

Do you believe Litecoin has a bright future? Will the price continue to rise? Let us know in the comments below.  


Images via Shutterstock and coinbase.com


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Sterlin Lujan is a journalist, editor, speaker, anarchist, and essayist. He has been involved with cryptocurrency and Bitcoin since 2012. Sterlin is especially interested in the intersection of psychology and cryptography. He has written on behavioral economics in regards to innovative technology, and was one of the first to write about the emerging field of cryptopsychology on bitcoin.com.
  • Erik

    It took them forever to add coin. Then they add the coin with the least added value and features. Nothing to be proud about.

    But its only logical, once you understand Charlie Lee the creator of litecoin, also works for coinbase. What makes it even more special do is that Charlie Lee, basically abandoned the litecoin project, for a couple of years, than made sure segwit got actived. He even want to active litecoin via usaf when it started to take to long. (which in many respects is a form highjack a cryptocurrency)

    Anyway sounds like a respectable achievement by Charlie Lee 😉

    • Liberty88

      Charlie has many different functions that he participates in. Litecoin greatly expands the ability to process payments and if activated along with lightning Networks then Bitcoin and Litecoin can work together.
      Always a troll….. You develop a cryptocurrency and we’ll see how that works. Until then, whatever.

      • Erik

        nr1 response, if you don’t like what some one has to say call him a troll.

        I am obviously aware that litecoin implemented segwit and can also implement LN networks.

        I really don’t see how litecoin and bitcoin and should work together. That whole argument point is ridiculus. Crypto is to complicated as it is no need to make it even more complicated.

        I am glad to finally start seeing and using LN networks. The way you talk about it I am certain you will be disappointed about what kind of user experience it will bring. I thing your one of does guys that does not realise you need at-least one main chain transaction to start an LN channel, aka its only instant after you set it up.

  • Ankle

    Price index and stats links in the footer are not working

  • Mateus Miguel

    I Can’t access my account here and can’t see bitcoin price on the page.