How to buy Litentry (LIT) in Australia

A beginner's guide to buying and selling LIT in Australia.

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How to buy Litentry

Look for an exchange that supports both fiat and cryptocurrency to simplify buying Litentry.

  1. Open an account on an exchange that supports LIT.
    Jump to our table to compare popular options — just remember that most exchanges require an email address, phone number and proof of ID to register.
  2. Deposit funds into your account.
    Fund your account with a bank transfer, pay with a credit or debit card or deposit cryptocurrency from a crypto wallet to buy Litentry.
  3. Buy Litentry.
    Complete your Litentry purchase and then find the best wallet to store LIT.
Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

What is Litentry?

Litentry is an identity aggregation protocol that aims to allow identity data transfer between multiple blockchain networks. Founded in 2019, Litentry aims to aggregate and verify user’s identities, or decentralised identifiers (DIDs), across multiple decentralised applications. Credit scores/gradings will also be offered. According to the whitepaper, the platform is powered by the Substrate blockchain, with the intention of becoming a parachain on the Polkadot network. Focusing on incognito on-chain data processing, the project aims to preserve the privacy of users but allow for the consolidation of identifying information. The practical use cases for Litentry reach far and wide, with users able to access personal information such as credit and on-chain reputations. This data can then be used when applying for leverage within the decentralised finance (DeFi) sector. Litentry users can also generate community credit based on a user’s participation and contribution within projects, which can be put towards voting power within a platform. LIT is the native token of Litentry Network and offers 4 main use cases. The token is used for the collection of all fees. It is used to reward all those that provide indexed identity databases and as a requirement for those that wish to provide them – formerly known as Identity Registrars. Finally, the token can be used as collateral within other DeFi applications.

Litentry (LIT) is the 367th largest cryptocurrency in the world by market cap, valued at $129,072,211. The current price of Litentry is $4.66, which is 0.057% higher than yesterday. Prices have ranged between $4.76 and $4.6 over the past 24 hours. All prices are listed in US dollars and accurate as of September 16, 2021 03:09 UTC.

Where to buy Litentry

Find an exchange to buy, sell and trade LIT by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.
Name Product Deposit methods Fiat Currencies Cryptocurrencies
Gate.io Cryptocurrency Exchange
Cryptocurrency
USD, EUR, GBP, HKD, SGD, AUD, CHF, MXN

806
cryptocurrencies

Finder exclusive: New users get $90 worth of Gate.IO points and an airdrop of $5 in GateTokens if trade volume exceeds $100 in their first week. T&Cs apply.
A feature-rich exchange with over 700 tokens including derivatives, yield farming and lending products.
Hotbit Cryptocurrency Exchange
Hotbit Cryptocurrency Exchange
Cryptocurrency, Epay
USD

645
cryptocurrencies

A multi-currency exchange with 150+ pairings that can be accessed through desktop as well as a mobile app.
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Compare up to 4 providers

Litentry at a glance

Information last updated September 16, 2021 03:09 UTC.
Coin symbolLIT
Total LIT supply100,000,000
Circulating LIT27,732,686
Current priceUS$4.66
All time highUS$13.31
All time high dateFebruary 16, 2021

Litentry price performance over time

Historical prices compared with the price of US$4.66.

1 hour -0.29%
24 hours 0.06%
7 days 16.85%
14 days -13.61%
30 days -8.38%
60 days 68.61%
200 days -42.00%
1 yearN/A

How to sell Litentry

You can cash out your LIT with the same exchange you bought it through:

  1. Sign in to the exchange you have LIT on.
    If you store your Litentry in a digital wallet, compare crypto exchanges to sell it on.
  2. Place a sell order.
    Choose the amount of LIT you'd like to sell.
  3. Complete your transaction.
    Confirm the sell price and fees and close your sale of Litentry.

What to consider when buying Litentry

LIT is, first and foremost, a utility token, but it is important to evaluate both the platform and the token before making an investment. Here are some factors to consider before purchasing LIT:
  • Use cases. LIT tokens can be used to pay for all network services and are required by Identity Registrars that wish to create an indexed identity database on the platform. Decentralised identifiers are then found within these databases. To become an Identity Registrar, a third party needs to stake a certain amount of LIT. In return for providing data, an Identity Registrar is rewarded with more tokens. Finally, LIT can also be used as collateral on other DeFi platforms.
  • Governance. Holders of LIT will be able to govern certain aspects of the Litentry platform. Decisions may include the development of the network or the removal of dishonest validators.
  • Tokenomics. There is a total supply of 100 million LIT tokens. Of them, 65% will eventually be released to the community. The price of LIT will likely be closely linked with supply and demand. If demand for the token increases due to a spike in users, the price may increase accordingly.
  • Accessibility. LIT can be accessed from major tier 1 exchanges such as Binance.

Disclaimer: Cryptocurrencies, including Litentry, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of LIT is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Litentry or any other cryptocurrency discussed.

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