London-based ETC Group, the company liable for list the primary crypto exchange-traded product on Germany’s Xetra digital stock exchange, will be offering a brand new list for Litecoin.
In a statement these days, the ETC Group stated its physical Litecoin exchanged-traded crypto, underneath the ticker ELTC, will be launching on Deutsche Börse Xetra on April 14. According to the company, the exchange-traded product, or ETP, will be the primary Litecoin (LTC) product at the exchange following approval from Germany’s Federal Financial Supervisory Authority, or BaFin.
“The current economic uncertainty has underlined the attraction of crypto assets for investors as they offer opportunities for diversification from traditional assets such as equities and bonds, and strong hedging qualities against inflation,” said ETC Group CEO Bradley Duke. “Traditional markets will stay unstable for a while, fueling call for for choices corresponding to cryptocurrencies.”
“In contrast to previous rallies in cryptocurrencies, the current one is the first to be supported by both retail and institutional investors, making this the ideal time to launch ELTC.”
The ETC Group’s Litecoin ETP represents the third exchange-traded crypto from the group in the last year. In June, the firm listed a Bitcoin ETP on Xetra, followed by an Ether ETP last month. The firm reported that its Ether ETP traded more than $1 million in its first week on the exchange, while the Bitcoin ETP reportedly has grown to more than $1 billion in assets under management.
An ETP is not quite the same as an exchange-traded fund, or ETF. When the ETC Group launched its Bitcoin ETP last year, it said it was “trading Bitcoin through an ETP structure,” which apparently doesn’t meet the definition of an ETF within the European Union, because it’s a unmarried asset device.
As the 9th biggest cryptocurrency with a marketplace capitalization of greater than $20 billion, Litecoin has attracted the eye of a few funding companies at the side of Bitcoin and Ether. Though the ETC Group will reportedly be the primary to supply a list for a physical Litecoin ETP, CoinShares introduced previous this month it might be list its LTC ETP at the SIX Swiss Exchange.