Coinbase's GDAX Exchange Adds Litecoin, Price Spikes 10%


Coinbase's GDAX Exchange Adds Litecoin, Price Spikes 10%

Cryptocurrency exchange GDAX (Coinbase) has announced it is now supporting Litecoin (LTC) trading.

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Litecoin Added to GDAX Exchange

gdaxEveryone in the crypto-community knew it was coming when Litecoin creator Charlie Lee hinted about the LTC addition to GDAX yesterday by saying via Twitter that “tomorrow’s going to be a good day.” In fact, Lee, who now works for Coinbase, has hinted this numerous times in the past. Adding Litecoin to the GDAX portfolio rumor was more solidified when the company announced it was adding Ethereum to the exchange.

GDAX announced today on its blog:

Litecoin trading is now available on GDAX. […] Charlie Lee, Director of Engineering at Coinbase, developed Litecoin in 2011. Since then, Litecoin has become one of the most widely traded digital assets and continues to attract strong trader and investor interest worldwide.

“Yes! Litecoin is now live on GDAX,” CEO of Coinbase and its subsidiary exchange GDAX, Brian Armstrong, added.

When Ethereum was included into GDAX, the price per Ether went up in value. Now, even the rumors prior to the official announcement pushed the price up by about 10% with heavier volume showing on other exchanges like Poloniex.

LTC Creator Shares Enthusiasm

Official_Litecoin_Logo_With_TextCurrently, GDAX supports the following trading pairs which are LTC/USD and LTC/BTC. The USD markets are for U.S. residents only and LTC/BTC markets will be supported for all GDAX customers. 

Meanwhile, Lee shared his enthusiasm by finally seeing his creation traded on the exchange. Lee states:

Today’s a great day! Litecoin trading is now live on GDAX!

It’s not certain how long the price rise will keep up with Litecoin but the team seems to be in a progressive mode as of late. The Litecoin Foundation released its roadmap and the price value has seen a few spikes over the past few months.

Litecoin Pice Spike, August 23rd, 2016, Kraken early morning

The initial excitement in regards to LTC being added to GDAX may wear off over the next week or so but the Litecoin community is pretty happy. Charlie Lee has always referred to Litecoin as being the “silver to Bitcoin’s gold” though LTC has seen other altcoins surpass it by marketcap in recent months.

What do you think about Litecoin being added to GDAX? Let us know in the comments below.

Tags in this story
Altcoins, Brian Armstrong, charlie lee, GDAX, litecoin

Images courtesy of GDAX websites, the Litecoin Foundation, Bitcoin Wisdom LTC/Kraken, and Pixabay 

Jamie Redman

Jamie Redman is the News Lead at News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for News about the disruptive protocols emerging today.

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