Breaking: CoinShares Launch Physically Backed Litecoin (LTC) ETP

Coinshares, the leading European Crypto asset manager has launched its third crypto ETP in the form of physically-backed Litecoin ETP. The newly launched ETP would trade under the Tickr symbol of LITE which would be initially listed on Switzerland’s regulated crypto exchange Swiss SIX exchange. Each share of the Litecoin ETP would represent 0.2 LTC valued at $45.

Coinshare has launched a total of three Crypto-based ETPs this year starting with Bitcoin ETP in January followed by ETH ETP in February and now the Litecoin ETP. The digital asset management firm has over $4 billion worth of crypto assets under its management with two-thirds exposure allotted towards bitcoin.

CoinShares chief revenue officer Frank Spiteri said,

“LITE is the next step on a path to bringing a more comprehensive and diversified offering of ETPs to market,”

The regulatory bodies in the US are still working towards providing better regulations to allow for Bitcoin-based products, many European countries at the same time have raced ahead to launch various crypto-based ETPs.

Crypto Institutional Product in High Demand

The rise of Bitcoin as the growing choice of wall street investors has forced many traditional banks and regulators to make way for various crypto products in Europe and North America and the US might join them this year with a possibility of Bitcoin ETF approval. The crypto market has risen to become a $2 trillion industry and looking at the growing demand the market cap would only go higher. Thus the need for regulated products is a must to ensure better security and opportunities for the investors.

Chief Revenue Officer Frank Spiteri explained,

As 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. CoinShares is the leader in creating novel ways for investors to access the digital asset ecosystem, and LITE is the next step on a path to bringing a more comprehensive and diversified offering of ETPs to market.”

Most of these institutional products have proven to be an instant hit including the Bitcoin ETF launched by Purpose Group and the two ETP products launched by CoinShares.