CoinShares has introduced the launch of a Litecoin backed exchange-traded product (ETF). This improvement will increase the variety of crypto-backed funding merchandise launched by CoinShares to seven.
Litecoin ETP Listed on Swiss SIX Trade
CoinShares revealed this launch of the Litecoin change product on April 6, 2021, and it is going to be listed utilizing the ticker LITE. In line with the report, every LITE unit is backed by 0.20 litecoin at launch and gives institutional buyers entry to Litecoin. The ETF may even be initially listed on the SIX Swiss Trade with a base payment of 1.5% every year.
Townsend Lansing, head of product at CoinShares, believes that the launch is the subsequent step for the funding agency.
“LITE comes sizzling on the heels of our Bitcoin and Ethereum product launches in 2021 and can profit from the identical sturdy and clear physically-backed product construction. We’re excited so as to add publicity to such a well-accepted and extensively traded crypto-asset to our new product line,” he said.
LITE is the third product launched in 2021 by CoinShares establishment ETP platform CoinShares Bodily. Crypto-backed ETPs have turn out to be in style in latest months because of the rising curiosity of establishments.
This development is acknowledged by Frank Spiteri, Chief Income Officer at CoinShares.
“As demand for digital property amongst the standard funding group steadily will increase, we’re beginning to see the inexperienced shoots of demand for funding exposures outdoors of the highest two dominant networks.”
Spiteri additional added that CoinShares was at all times looking out to create new methods for buyers to entry crypto property.
“CoinShares is the chief in creating novel methods for buyers to entry the digital asset ecosystem, and LITE is the subsequent step on a path to bringing a extra complete and diversified providing of ETPs to market,” he concluded.
Third Main ETP Launched in 2021
CoinShares is the biggest crypto funding agency in Europe, with greater than $4 billion below its administration. The announcement of the Litecoin ETP is the third main ETP launched by the agency in 2021.
A Bitcoin-backed ETP was launched in January with $200 million in property dedicated to the ETP. This was subsequently adopted by the launch of an Ethereum ETP in February.
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