London-based ETC Group, the company responsible for listing the first cryptocurrency trading product on the German digital exchange Xetra, will unveil a new Litecoin listing.
In today’s announcement, the ETC group announced that the physical cryptocurrency Litecoin under the ELTC dashboard will be launched on Deutsche Börse Xetra on 14 April. According to the company, the exchange-traded product, or ETP, will be an exchange-traded product, or ETP, the first Litecoin (LTC) product on the exchange after receiving approval from the German Federal Financial Supervisory Authority (BaFin).
“The current economic uncertainty has highlighted the attractiveness of cryptocurrencies for investors, as it provides opportunities for diversification away from traditional assets such as equities and bonds, as well as strong inflation-hedging characteristics,” said Bradley Duke, CEO of ETC Group. “Traditional markets will remain volatile. For some time now, this has increased the demand for alternatives such as cryptocurrencies. ”
“Unlike previous heights for cryptocurrencies, the current wave will be the first to be supported by individual and institutional investors, making this the perfect time to launch ELTC.”
Litecoin ETP for the ETC group was the third listed cryptocurrency in the group last year. The company listed Bitcoin ETP on Xetra in June and Ether ETP last month. The company said that Ether ETP traded more than $ 1 million on the stock exchange in the first week, while Bitcoin ETP reportedly rose to over $ 1 billion in assets under management.
An ETP is not exactly the same as an exchange traded fund or ETF. When the ETC group launched the Bitcoin ETP last year, it stated that it “trades bitcoin through the ETP structure”, which does not seem to fit the definition of an ETF in the EU because it is a single asset.
As the ninth largest cryptocurrency with a market value of over $ 20 billion, Litecoin, along with Bitcoin and Ether, has attracted the attention of some investment firms. While the ETC group will be the first to offer a list of physical Litecoin ETPs, CoinShares announced earlier this month that it will include LTC ETPs on the SIX Swiss Exchange.