The news that Coinbase intends to offer the purchase of Litecoin (LTC) on its platform is another indication that both Litecoin and Ethereum have good future prospects in parts of Africa (especially Nigeria). There is even a chance of achieving a similar level of importance to Bitcoin.
Despite the fact that over 700 digital currencies already exist, the newly published infographics from one of the world’s top digital currency companies with a high presence in Africa show that Nigerians are currently buying the two alternative currencies, although about 75 percent of respondents prefer Bitcoin as their digital currency.
Litecoin outperforms Bitcoin loophole in Nigeria
The company Luno gives the following information about the percentage of use: about 16.7 percent of the respondents in Nigeria use Bitcoin loophole, over 11.7 percent Ethereum and Bitcoin is at the top with 68.3 percent. Here is the review about Bitcoin loophole.
Some major African banks, including ABSA, are currently working on new blockchain projects, in particular smart contracts and their applicability to loan programmes.
However, little public interest has been shown for Litecoin, which was on the news recently due to a price hike after there were signs of Segregated Witness (SegWit). Accordingly, the latest developments are all the more astonishing.
Interest is likely to continue to rise against the backdrop of new developments that continue to contribute to the picture of the currency as digital silver.
Buy LTC with Fiat Currencies on the news spy?
The co-founder of the news spy, a digital currency exchange headquartered in California, said he would offer the option to purchase Litecoin in the future. On April 5, Brian Armstrong read on the news spy that the platform is working to “facilitate the purchase of LTC with Fiat money”.
The next day, GDAX reported that Litecoin’s 24-hour volume traded on its platform exceeded one million LTC for the first time.
Although GDAX is a trading platform launched by Coinbase in 2016, there have been requests from some Coinbase users to make Litecoin trading accessible on their platform. In response to the requests, GDAX indicated that it was working on this, but that no precise timeframe could be specified.
For Litecoin, this step is important to realize buying opportunities in new markets, as Coinbase is currently represented in 33 countries, mainly in Europe and North America.
In a similar development, Chandler Guo, Angel Investor and Advisor, was admitted as a member and community advisor in China to the Litecoin Foundation, which aims to promote, protect and standardize the Litecoin system.