Coinhako announced the official release of its Litecoin (LTC) wallet and trading as the latest of 8 cryptocurrency and fiat currency trade pairs on its platform. All over a span of 2 months, dating back to 30th August 2018.
Users can now buy and sell LTC with the Singapore Dollar (SGD), Malaysian Ringgit (MYR) and Indonesia Rupiah (IDR) in addition to 11 other cryptocurrencies. Until these releases, Coinhako had only offered up to 3 cryptocurrencies – namely the top cryptocurrencies Bitcoin (BTC), Bitcoin Cash (BCH) and Ethereum (ETH) – to be exchanged with local asian currencies over a 4 year period.
Users can then send, receive or store these cryptocurrencies on the Coinhako platform, with their wallets.
Fiat currency to cryptocurrency listings can be complicated to execute. Dealing with fiat currencies open companies up to more stringent regulatory compliance and setting up banking partnerships continues to be a challenge for Fintech companies. While thousands of cryptocurrencies are available, fiat currency to cryptocurrency choices continue to be very limited as a result. Most platforms do not offer more than 4 or 5 of cryptocurrencies to be exchanged with fiat currencies currently.
To gain access to certain cryptocurrencies, users might have to make multiple transactions – ranging from Forex (FX) conversions, to moving cryptocurrencies across different platforms and crypto-to-crypto exchanges – and incur a variety of fees. This is not only expensive for most people, but can be very frustrating for new and potential adopters.
Yusho Liu, CEO and co-founder of Coinhako, mentioned that “One of the greatest frictions in the industry today, is access for consumers. ICO projects are in abundance and exchanges have been quick to list crypto-to-crypto pairings. Access to the market through fiat currencies, on the other hand, continues to be very limited.
The team is very relieved, after months of work, to have listed a string cryptocurrency and fiat pairings in this short timeframe. We will also be looking to add more cryptocurrencies as we seek to further improve access to cryptocurrencies and blockchain technology in the region.”