CoinShares, a UK-based digital asset manager, announced the launch of its new exchange investment product (ETP) powered by Litecoin on Tuesday.

ETP will initially be listed on the SIX Swiss Exchange under the LITE code. The company has launched its third physically supported ETP in 2021.

Called CoinShares Physical Litecoin; Each unit of Litecoin ETP listed under the LITE ticker symbol will be backed by 0.2 LTC ($ 45) at launch. And it will allow investors to passively explore the local presence of the Litecoin network.

CoinShares said the new investment product will initially be listed on Swiss regulated crypto exchange SIX Swiss Exchange with a basic fee of 1.50%. LITE is currently listed on Bloomberg with an opening price of $ 44.5.

Litecoin was a major altcoin and a branch of the Bitcoin codebase originally positioned as “Bitcoin gold silver”. Litecoin, created in 2011 by former Coinbase and Google engineer Charlie Lee, is almost identical to Bitcoin in technical details. It only includes some key differences such as shorter block times.

Litecoin targets a 2.5-minute block time versus Bitcoin’s 10-minute block time. Litecoin, which is currently one of the largest cryptocurrencies in the world and has a market value of $ 15 billion, is ranked as the ninth largest coin by market value.

CoinShares Physical Litecoin is the third crypto ETP product launched in 2021 on CoinShares’ enterprise-level ETP platform CoinShares Physical. After launching a physically supported Bitcoin (BTC) ETP on the platform in January, CoinShares released a similar product for Ether (ETH) in February.

Townsend Lansing, Product Manager of CoinShares: “LITE is rising after our Bitcoin and Ethereum product launch in 2021, it will benefit from the same transparent and robust physically supported product structure.” said.

See Also
CoinShares is launching a physically backed bitcoin ETP

According to the announcement, CoinShares currently has over $ 4 billion in assets under management. Bitcoin’s share in these assets is over 60%. “LITE is the next step towards bringing a more comprehensive and diversified ETP offering to the market,” said Frank Spiteri, Chief Revenue Officer for CoinShares. said.

The crypto ETP industry has experienced a rapid development in Europe. In March, Deutsche Borse’s e-commerce platform ETC Group announced the launch of the first Ether-based ETPs by European ETP issuers such as 21Shares and Xetra. In February, 21Shares launched the world’s first Polkadot ETP on the SIX Swiss exchange.

LEAVE A REPLY

Please enter your comment!
Please enter your name here