CoinShares launches physically backed Litecoin ETP


European digital asset manager CoinShares continues to actively expand its physically backed cryptocurrency exchange-traded product offering with a new Litecoin (LTC) ETP.According to an announcement on Tuesday, CoinShares has launched its CoinShares Physical Litecoin.Listed under the ticker symbol LITE, each unit of the Litecoin ETP is backed with 0.2 LTC ($45) at launch, providing investors with passive exposure to the Litecoin network’s native asset. The new investment product will be initially listed on Switzerland’s regulated crypto exchange SIX Swiss Exchange with a base fee of 1.50%, CoinShares said. LITE is now listed on Bloomberg, with an opening price of $44.5.Litecoin is a major altcoin and a fork of the Bitcoin codebase that was originally positioned as a “silver to Bitcoin’s gold.” Created by former Google and Coinbase engineer Charlie Lee in 2011, Litecoin is nearly identical in technical details to Bitcoin, featuring some core differences like shorter block times. Litecoin targets a 2.5-minute block time versus Bitcoin’s 10 minutes. Litecoin is now one of the world’s biggest cryptocurrencies, currently ranked the ninth-largest coin by market capitalization at $15 billion.The CoinShares Physical Litecoin is the third crypto ETP product launched in 2021 on CoinShares’ institutional-grade ETP platform, CoinShares Physical. After debuting a physically backed Bitcoin (BTC) ETP on the platform in January, CoinShares rolled out a similar product for Ether (ETH) in February.According to the announcement, CoinShares now has over $4 billion in assets under management, with Bitcoin accounting for over 60%. “LITE is the next step on a path to bringing a more comprehensive and diversified offering of ETPs to market,” CoinShares chief revenue officer Frank Spiteri said.The crypto ETP industry has seen some rapid development in Europe. In March, Deutsche Borse’s electronic trading platform Xetra announced the launch of its first Ether-based ETPs by European ETP issuers like ETC Group and 21Shares. In February, 21Shares launched the world’s first Polkadot ETP on the SIX Swiss exchange.

Ora Goodwin
Ora Goodwin
I am a well-known and respected author in the cryptocurrency field. I have been writing about Bitcoin and other digital currencies for over 5 years, and my work has appeared in some of the most respected publications in the space. I am also a regular speaker at industry events, and my insights into the crypto market are highly sought after by both media and investors. In addition to my writing and speaking engagements, I am also an active advisor to several blockchain startups, and I sit on the board of directors for the Blockchain Education Network.

Similar Articles

Most Popular

Coupon Finance Launches Innovative Peer-to-Pool Lending Protocol to Enhance Capital Efficiency in Lending Markets

Location, March 26, 2024 — In an effort to address inefficiencies within the decentralized finance (DeFi) lending space, Coupon Finance has unveiled its peer-to-pool...

HODLer Token’s Presale Kicks Off on March 28, 2024, Offering Unique Investment Opportunities

Location, March 24, 2024 — In a significant development for cryptocurrency enthusiasts and investors, HODLer Token ($HODLR) has officially announced the launch of its...

Introducing Burve Protocol: A Groundbreaking Leap in Decentralized Finance with AMM 3.0

– Today marks the groundbreaking launch of Burve Protocol, a revolutionary Automatic Market Maker (AMM) that stands at the forefront of decentralized finance...

Feathering the Nest: Hectic Turkey’s Bold Venture into DeFi Innovation

  the brainchild behind Hectic Turkey, asserts. "We aimed to disrupt the space with something that's both fun and fundamentally valuable."   Laying the Foundation   The cornerstone of...

Feathering the Nest: Hectic Turkey’s Bold Venture into DeFi Innovation

  the brainchild behind Hectic Turkey, asserts. "We aimed to disrupt the space with something that's both fun and fundamentally valuable."   Laying the Foundation   The cornerstone of...

BLOCX. Leads the Way With All-in-One Computer Manager and Announces V1.2 Release

London, UK – February 20, 2024 — BLOCX., a comprehensive digital computing platform, today announced a series of significant updates and an ambitious roadmap for...

With 950,000 New Users in 30 Days, Web3 Social Infrastructure UXLINK Surpasses 3 Million Certified Users

Web3 Social Infrastructure UXLINK innovatively develops rapidly through the "Real World Social'' and "Group" modes, and in only 10 months since the project was...

Revolutionizing Venture Capital: VNTR DAO’s Decentralized Approach

VNTR DAO announces its official launch on the Arbitrum One network, marking a significant milestone in the evolution of decentralized Venture Capital. This innovative...