A Litecoin (LTC) ETP just launched in Switzerland ๐จ This article is 4 years old...
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A Litecoin (LTC) ETP just launched in Switzerland
The โdigital silverโ got another push at institutional adoption today as CoinShares launched an LTC product on a regulated exchange.
2 min read
Updated: Apr. 6, 2021 at 1:39 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Litecoin, the worldโs ninth-largest cryptocurrency by market cap, will soon see an institutional listing in the form of an exchange-traded product (ETP) in Switzerland, as per a press release by crypto investment firm CoinShares today.
The firmโs investment products provide exposure to Bitcoin (BTC) and Ethereum (ETH), and a Litecoin (LTC) product would now be available to eligible institutional and individual investors throughout Europe.
The details
Called the โCoinShares Physical Litecoin,โ the product is one of the first-ever Litecoin-based investment products to be launched on a regulated exchange in Europe.
It would be listed on the regulated SIX Swiss Exchange under ticker โLITE.โ Each unit of LITE is backed with 0.20 LTC ($46.95) at launch, providing investors with passive exposure to the Litecoin network’s native asset.
BREAKING: CoinShares launches physically-backed #Litecoin ETP
— Market Meditations (@MrktMeditations) April 6, 2021
For the uninitiated, ETPs are institutional products that represent an underlying asset and are traded on the open market similar to equities and bonds.
Such products are, currently, one of the only ways for traditional investors to gain exposure to cryptocurrenciesโunlike buying spot assets on an unregulated, unreliable crypto exchange.ย
And while Bitcoin and Ethereum already have similar ETPs in the European market, there are only a few Litecoin-focused ones. But that number is steadily growing.
“LITE comes hot on the heels of our Bitcoin and Ethereum product launches in 2021 and will benefit from the same robust and transparent physically-backed product structure,โ said CoinShares head of product Townsend Lansing in a statement.
Why a Litecoin ETP?
Litecoin has, for long, been termed as the โdigital silverโ alternative to Bitcoin (the โdigital goldโ). It was launched in October 2011โas one of the earliest Bitcoin forksโby ex-Google engineer Charlie Lee and has since grown to become one of the biggest cryptocurrencies.
Some of its various advantages over Bitcoin are quicker transaction times, lower fees, and faster block times (of 2.5 minutes). Newer and better privacy features are soon coming in the โMimblewimbleโ upgradeโgiving the cryptocurrency a strong push on the fundamental side.
#MWEB is set to be the largest upgrade to the Litecoin network ever, promising to provide fungibility for all, while improving LTC's scalability. Litecoin is positioning itself for the future. #Faster #Better #Stronger #SundayThoughts#LitecoinFACT #Litecoin $LTC
— Litecoin Foundation (@LTCFoundation) March 28, 2021
โAs 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,โ shared CoinShares chief revenue officer Frank Spiteri.
Meanwhile, the launch brings CoinSharesโ investment products to seven. The firm has over $4 billion of assets under management on its platform, of which approximately two-thirds is in Bitcoin exposure and a small, but growing, share in Ethereum. But could Litecoin change that?
Litecoin Market Data
At the time of press 1:39 pm UTC on Apr. 6, 2021, Litecoin is ranked #9 by market cap and the price is up 15.23% over the past 24 hours. Litecoin has a market capitalization of $15.8 billion with a 24-hour trading volume of $6.99 billion. Learn more about Litecoin ›
Crypto Market Summary
At the time of press 1:39 pm UTC on Apr. 6, 2021, the total crypto market is valued at at $1.99 trillion with a 24-hour volume of $208.28 billion. Bitcoin dominance is currently at 55.28%. Learn more about the crypto market ›
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In this article
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.
Charlie Lee stands prominently in the cryptocurrency community as the founder of Litecoin and currently holds the position of Managing Director at the Litecoin Foundation.