London-based ETC Group, the company responsible for listing the first publicly traded cryptocurrency product on the electronic trading platform of the German Stock Exchange, will offer a new product for Litecoin.
According to an announcement, the ETC Group indicated that its Litecoin product settled in physical, under the ticker ELTC, will be launched on Deutsche Börse Xetra this April 14.
In fact, it is the first Litecoin (LTC) product on the stock exchange. After approval from the German Federal Financial Supervisory Authority, or BaFin.
So Bradley Duke, CEO of ETC Group stated: “Litecoin has grown 342% in the last 12 months. And it is the ninth largest cryptocurrency by market capitalization. Also, with a growing interest from institutional and retail investors.
The perfect time to launch a Litecoin ETP
In this regard, Bradley Duke, said: “The current economic uncertainty has underlined the attractiveness of crypto assets for investors. As they offer opportunities for the diversification of traditional assets such as stocks and bonds and strong hedging qualities against inflation.
In addition, he added: “Traditional markets will remain volatile, for some time. Fueling the demand for alternatives like cryptocurrencies.
“Unlike previous cryptocurrency rallies, the current one is the first to have the backing of retail and institutional investors. So this is the perfect time to launch ELTC. ‘
Similarly, Hector McNeil, Co-Founder and CEO of HANetf said: “We are excited to support the ongoing expansion of ETC Group.”
The growing range of ETC
Notably, ETC Group’s Litecoin ETP represents the group’s third cryptocurrency ETP in the last year. In June, the company listed a Bitcoin ETP on Xetra, followed by an Ethereum ETP last month.
According to an ETC Group announcement, ZETH was approved by German financial regulator BaFin. Ultimately, the new crypto investment product provides an ETC physically backed and offset by the central counterparty in the Ethereum cryptocurrency.
Similarly, ETC Group announced that Bitcoin Exchange Traded Crypto (BTCE), a publicly traded product (ETP), was launched on the German digital stock exchange. After it received approval from German financial regulators.
Certainly, ETC Group reported that its Ethereum ETP traded over $ 1 million in its first week on the market. While the Bitcoin ETP reportedly reached over $ 1 billion in assets under management.
To finish, as the ninth largest cryptocurrency with a market capitalization of over $ 20 billion, Litecoin has attracted the attention of some investment firms alongside Bitcoin and Ethereum.
Competition for crypto assets in Europe continues at a fever pitch, what do you think about it? Let me know in the comment box.
I say goodbye with this phrase from Herbert Clark Hoover: «Competition is not only the basis of protection. If not, it is also the incentive for progress.