More exchanges enabling Litecoin trading can only be a good thing. The latest exchange to do so is QuadrigaCX. The company is located in Canada and has built up a solid reputation over the past few years. The addition of Litecoin has been coming for some time now, but it only just materialized. Given the recent global demand for Litecoin and the stable LTC price, this addition makes a lot of sense.
Most cryptocurrency enthusiasts in Canada will have heard of QuadrigaCX by now. It is one of the few remaining top cryptocurrency exchanges in the country. Canada has always been a bit of a remarkable country in this regard. Despite showing an obvious demand for cryptocurrency, very few big exchanges are active in the region. They either shut down or merge with other companies slowly eliminating any competition in the process.
LTC/CAD Trading is now Live on QuadrigaCX
As of last night, QuadrigaCX users can effectively buy, sell, and trade Litecoin. That is a major boon for LTC itself. Various exchange platforms around the world recently enabled fiat currency gateways for Litecoin. QuadrigaCX will do the same where the Canadian Dollar is concerned. Having more fiat currency gateways can have a positive effect on the LTC price moving forward. It will be interesting to see whether or not that will happen, though.
As is to be expected, caution is advised as the order book is still populating. With a few buys and sells on the order book right now, a fat-fingered order could create a major market shockwave. It is expected this order book will populate pretty quickly, though. For the time being, Litecoin can only be traded against the Canadian Dollar. However, the company acknowledged they are looking into adding XBT/LTC trading in the future. A lot of exchanges offer XBT/LTC already, though, but it could be a nice trading pair for the Canadian exchange regardless.
It is interesting to note the addition of LTC comes at an interesting time. One Reddit user reports how the company seemingly had no intention of adding new coins two months ago. The recent popularity surge of Litecoin may have something to do with this decision, though. All things considered, the community is seemingly quite pleased with the news. Big things are ahead for Litecoin, yet no one knows what the future may hold. QuadrigaCX certainly made a smart decision by adding LTC/CAD trading, though.