Friday, June 18, 2021

CoinShares launches physically backed Litecoin ETP

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

In line with an announcement on Tuesday, CoinShares has launched its CoinShares Bodily Litecoin.

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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 now listed on Bloomberg, with a gap worth 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 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 ranked 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 debuting a physically backed Bitcoin (BTC) ETP on the platform in January, CoinShares rolled out a similar product for Ether (ETH) 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 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.