Jersey-based CoinShares Launches Physically-backed Litecoin (LTC) ETP on SIX Exchange

Jersey-based CoinShares Launches Physically-backed Litecoin (LTC) ETP on SIX Exchange

  • CoinShares launches Litecoin electronic-traded products (ETP) on Tuesday.

One of Europe’s largest digital asset investment firms, CoinShares, announced the launch of its physically-settled Litecoin electronic-traded products on Swiss-based SIX exchange. Each ETP contract will be backed by 0.20 LTC (~$38, as of writing), and will trade under the ticker symbol, LITE.

The Litecoin ETP is the seventh digital asset added to the company’s portfolio, adding to the $4 billion assets under management by the investment firm. CoinShares Physical, the firm’s ETP investment arm, holds two-thirds of its assets in Bitcoin, with Ethereum gradually taking up a larger share. The post reads,

“Each unit of LITE is backed with 0.20 litecoins at launch, providing investors with passive exposure to the Litecoin network’s native asset.”

LITE will carry a base fee of 1.5% p.a., and the base currency is set to USD only. Chief Revenue Officer of CoinShares, Frank Spiteri commented,

“As demand for digital assets amongst the traditional investment community steadily increases, we are starting to see the green shoots of demand for investment exposures outside of the top two dominant networks.”

The Jersey-based firm reported an explosive quarter in Q1 2021, with an 11% growth in total Bitcoin and Ethereum inflows reaching the $4.5 billion mark.

Litecoin currently trades at $223 and ranks ninth on Coingecko’s largest market cap list with a total market cap of $14.8 billion.

Read Original/a>
Author: Lujan Odera