CoinShares, the European digital asset manager, continues to actively expand its physically supported cryptocurrency offering with the new Litecoin (LTC) currency.
According to an announcement on Tuesday, CoinShares has launched the physical Litecoin CoinShares.
Each unit of Litecoin ETP listed under the ticker LITE was recorded at 0.2 LTC ($ 45) at launch, giving investors the opportunity to negatively impact the original assets of the Litecoin network. CoinShares said that the new investment product will initially be listed on the SIX Swiss Exchange, with a base commission of 1.50%. LITE is currently listed on Bloomberg with a starting price of $ 44.5.
Litecoin is the most important alternative currency and an outlet of the bitcoin code base, which was originally marketed as “silver for bitcoin gold”. Litecoin, created by former Google and Coinbase engineer Charlie Lee in 2011, is almost identical in technical detail to Bitcoin and has some fundamental differences, such as shorter blocking times. Litecoin targets a 2.5-minute time block for a 10-minute bitcoin. Litecoin is currently one of the largest cryptocurrencies in the world and is currently ranked ninth in terms of market value of $ 15 billion.
CoinShares Physical Litecoin is the third ETP crypto product to be launched in 2021 on the CoinShares ETP platform, CoinShares Physical. After distributing effectively supported Bitcoin (BTC) ETP to the platform in January, CoinShares introduced a similar product for Ether (ETH) in February.
According to the announcement, CoinShares currently manages over $ 4 billion in assets, of which Bitcoin accounts for over 60%. “LITE is the next step towards bringing the most comprehensive and diverse ETP offering to the market,” said Frank Spetiri, CoinShares Director of Revenue.
The ETP cryptocurrency industry in Europe has experienced rapid development. In March, the electronic trading platform Deutsche Börse Xetra announced the launch of the first Ether-based ETPs by European ETP issuers such as ETC Group and 21Shares. In February, 21Shares launched the world’s first Polkadot ETP on the SIX Swiss Exchange.