CoinShares launches physically-backed Litecoin ETP

European digital asset manager CoinShares continues to actively expand its physically-backed cryptocurrency exchange-traded item offering with a new Litecoin (LTC) ETP.According to an

April 6 announcement, CoinShares has launched its CoinShares Physical Litecoin.Listed under the ticker sign LITE, each system of the Litecoin ETP is backed with 0.2 LTC ($45) at launch, providing investors with passive exposure to the Litecoin network’s native property. The new investment product will be initially noted on Switzerland’s controlled crypto exchange Swiss SIX exchange with a base fee of 1.50%, CoinShares stated. LITE is now listed on Bloomberg, with an opening cost 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.” Developed by former Google and Coinbase engineer Charlie Lee in 2011, Litecoin is almost identical in technical information to Bitcoin, featuring some core distinctions like smaller block times. Litecoin targets a 2.5 minute block time versus Bitcoin’s 10 minutes. Litecoin is now one of the world’s biggest cryptocurrencies, currentl ranked the 9th biggest coin by market capitalization at$15 billion.The CoinShares Physical Litecoin is the 3rd crypto ETP product launched in 2021 on CoinShares’institutional-grade ETP platform, CoinShares Physical. After debuting physically-backed Bitcoin(BTC )ETP on the platform in January, CoinShares presented a similar product for Ether(ETH)in February.According to the statement, CoinShares now has over$4 billion in properties under management, with Bitcoin accounting for over 60 %.”LITE is the next action on

a path to bringing a more thorough and varied offering of ETPs to market,”CoinShares chief earnings officer Frank Spiteri said.The crypto ETP industry has actually seen some fast advancement in Europe. In March, Deutsche Borse’s electronic trading platform Xetra revealed the launch of its first Ether-based ETPs by European ETP providers like ETC Group and 21Shares. In February, 21Shares released the world’s very first Polkadot ETP on the Swiss SIX exchange. Released at Tue, 06 Apr 2021 11:00:16 +0000

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