European digital asset supervisor CoinShares continues to actively increase its bodily backed cryptocurrency exchange-traded product providing with a brand new Litecoin () ETP.
In line with anon Tuesday, CoinShares has launched its CoinShares Bodily Litecoin.
Listed underneath 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 brand new funding product will likely be initially listed on Switzerland’s regulated crypto trade SIX Swiss Change with a base price of 1.50%, CoinShares stated. LITE is nowon Bloomberg, with a gap worth of $44.5.
Litecoin is a significant altcoin and a fork of the Bitcoin codebase that wasas a “silver to Bitcoin’s gold.” Created by former Google and Coinbase engineer in 2011, Litecoin is sort of similar in technical particulars to Bitcoin, that includes some core variations like shorter block instances. Litecoin targets a 2.5-minute block time versus Bitcoin’s 10 minutes. Litecoin is now one of many world’s largest cryptocurrencies, at the moment the ninth-largest coin by market capitalization at $15 billion.
The CoinShares Bodily Litecoin is the third crypto ETP product launched in 2021 on CoinShares’ institutional-grade ETP platform, CoinShares Bodily. After( ) ETP on the platform in January, ( ) in February.
In line with the announcement, CoinShares now has over $4 billion in property underneath 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 stated.
The crypto ETP trade has seen some fast improvement in Europe. In March, Deutsche Borse’s digital buying and selling platform Xetraby European ETP issuers like ETC Group and 21Shares. In February, 21Shares on the SIX Swiss trade.