SINGAPORE – Media OutReach Newswire – 12 November 2024 – Leading digital asset exchange, Coinut, is proud to announce the launch of Wrapped Litecoin ($WLTC) today, November 12. This groundbreaking development integrates Litecoin into the vibrant world of decentralized finance (DeFi) via the Ethereum network.
An ERC-20 token, $WLTC acts as a simple bridge between the Litecoin and Ethereum ecosystems. As the oldest surviving altcoin, Litecoin’s 13 years of uninterrupted network activity has earned it a reputation as one of the most trusted and active digital assets globally. Wrapped Litecoin (WLTC) is a token that is pegged 1:1 with Litecoin, meaning each WLTC is backed by an equivalent amount of Litecoin, ensuring its value remains consistent with LTC. By wrapping Litecoin, users can now take advantage of Ethereum’s extensive DeFi ecosystem without selling their LTC. This opens up a variety of decentralized exchanges (DEXs) and thus unlocks greater liquidity for user assets. The main advantages for most will be earning interest, borrowing funds, and leveraging assets in numerous DeFi protocols. WLTC can be staked, and thus earn rewards, on various Ethereum-based DeFi platforms that support staking. WLTC also opens the door to smart contracts. By standardizing Litecoin into the ERC20 format, WLTC facilitates the integration of Litecoin transfers into smart contracts. This simplifies the development of decentralized applications (DApps) and enables more efficient execution of complex transactions involving Litecoin.
“Litecoin is trusted by millions. Now, with Wrapped Litecoin, these users can access Ethereum’s ecosystem seamlessly and confidently” – Xinxi Wang, Coinut
Wrapped Litecoin benefits include:
Cross-Chain Interoperability: allowing Litecoin users to engage with Ethereum-based applications and services. In bridging between the two blockchains, Wrapped Litecoin plays an important role in enhancing Litecoin’s utility;
Access to DeFi Applications & Services: giving Litecoin holders the ability to leverage their assets in ways not native to the Litecoin blockchain, like staking, lending/borrowing and yield farming;
Enhanced Liquidity: by allowing access to ‘Litecoin’ on ETH-based decentralized exchanges (DEXs).
Coinut has partnered with Fireblocks and Coinbase to utilize third-party services for safeguarding of crypto assets, with cold wallet storage (Coinbase) for enhanced security and hot wallet storage (Fireblocks) for efficient transactions. Throughout WLTC’s development, Coinut consulted with the Litecoin Foundation – a nonprofit organization dedicated to the adoption and development of Litecoin. The Foundation is supportive of projects that bring utility to the Litecoin ecosystem and is excited about what WLTC could bring to the future of Litecoin. Learn more about the Wrapped Litecoin project at www.WrappedLitecoin.org
About Coinut:
Founded in 2013, Coinut was one of the earliest cryptocurrency exchanges in Singapore. Coinut is recognized as an exempt financial entity under Singapore’s Payment Services Act and is also regulated as a Money Services Business in Canada and maintains VQF membership in Switzerland, ensuring compliance and security across its global operations.
