Home Crypto CoinShares launches physically backed Litecoin ETP

CoinShares launches physically backed Litecoin ETP

European digital asset supervisor CoinShares continues to actively broaden its physically backed cryptocurrency exchange-traded product providing with a brand new Litecoin (LTC) ETP.

According to an announcement on Tuesday, CoinShares has launched its CoinShares Physical Litecoin.

Listed beneath the ticker image LITE, every unit of the Litecoin ETP is backed with 0.2 LTC ($45) at launch, offering traders with passive publicity to the Litecoin community’s native asset. The new funding product will likely be initially listed on Switzerland’s regulated crypto trade SIX Swiss Exchange with a base payment of 1.50%, CoinShares mentioned. LITE is now listed on Bloomberg, with a gap value of $44.5.

Litecoin is a significant altcoin and a fork of the Bitcoin codebase that was originally positioned as a “silver to Bitcoin’s gold.” Created by former Google and Coinbase engineer Charlie Lee in 2011, Litecoin is sort of equivalent in technical particulars to Bitcoin, that includes some core variations like shorter block occasions. Litecoin targets a 2.5-minute block time versus Bitcoin’s 10 minutes. Litecoin is now one of many world’s largest cryptocurrencies, at present ranked the ninth-largest coin by market capitalization at $15 billion.

The CoinShares Physical Litecoin is the third crypto ETP product launched in 2021 on CoinShares’ institutional-grade ETP platform, CoinShares Physical. After debuting a physically backed Bitcoin (BTC) ETP on the platform in January, CoinShares rolled out a similar product for Ether (ETH) in February.

According to the announcement, CoinShares now has over $4 billion in belongings beneath administration, with Bitcoin accounting for over 60%. “LITE is the following step on a path to bringing a extra complete and diversified providing of ETPs to market,” CoinShares chief income officer Frank Spiteri mentioned.

The crypto ETP trade has seen some fast improvement in Europe. In March, Deutsche Borse’s digital buying and selling platform Xetra announced the launch of its first Ether-based ETPs by European ETP issuers like ETC Group and 21Shares. In February, 21Shares launched the world’s first Polkadot ETP on the SIX Swiss trade.