After Bitcoin and Ethereum, CoinShares Released a Physically-Backed Litecoin ETP
< img src= "http://investincryptocoins.com/wp-content/uploads/2021/04/Nl5dP8.jpg" class=" ff-og-image-inserted "> After launching physically-backed exchange-traded items tracking the performance of Bitcoin (BTC) and Ethereum( ETH )earlier this year, CoinShares has actually expanded its portfolio with the addition of a Litecoin ETP.
Litecoin ETP Arrives from CoinShares
According to an announcement from April 6th, CoinShares has actually launched another exchange-traded item tracking the efficiency of a cryptocurrency asset called CoinShares Physical Litecoin.
The company revealed that the base fee of the item will be 1.50%. It will be noted on Switzerland’s controlled stock market– Swiss 6 Exchange under the ticker LITE. Surprisingly, the base currency will be the United States dollar, regardless of being released in Europe.
CoinShares discussed that each LITE system will be backed with 0.20 litecoins upon releasing the product, which should supply financiers with “passive direct exposure” to LTC.
Weighing in on the matter was Towsend Lansing, CoinShare’s Head of Product:
” LITE comes hot on the heels of our Bitcoin and Ethereum product launches in 2021 and will take advantage of the very same robust and transparent physically-backed product structure. We are excited to include direct exposure to such a well-accepted and widely traded crypto-asset to our brand-new product line.”
CoinShares is amongst the biggest digital property investment houses in Europe. The statement today brought the company’s total number of financial investment products to seven.
The company’s portfolio consists of over $4B in possessions under management. More than two-thirds of that amount remains in Bitcoin direct exposure, with Ethereum being the second one.
CoinShares’ Expansion Continues
The CoinShares Physical Litecoin ended up being the 3rd crypto ETP item released by the organization in 2021. The very first physically-backed ETP to see the light of day came in January. Somewhat expectedly, it tracked the price of the primary cryptocurrency– Bitcoin.
As CryptoPotato reported in February, Ethreum was the next on the list to receive a comparable item established and launched by CoinShares.
Chief Revenue Officer Frank Spiteri reasoned that the Litecoin ETP comes amidst increased interest from investors towards the whole cryptocurrency market:
” As need for digital properties amongst the conventional investment neighborhood steadily increases, we are starting to see the green shoots of need for investment direct exposures outside of the 2 top dominant networks. Coinshares is the leader in creating unique methods for investors to access the digital property ecosystem, and LITE is the next step on a course to bringing a more thorough and varied offering of ETPs to market.”
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Published at Tue, 06 Apr 2021 20:56:54 +0000