CoinShares, a London based mostly asset supervisor has launched a brand new bodily backed Litecoin exchange-traded product (ETP) on the Swiss SIX alternate. The CoinShares Bodily Litecoin (LITE) is on the market for institutional buyers to commerce in US {dollars}, euros, or Swiss francs. Every LITE share can be backed by 0.20 Litecoin (LTC) offering direct publicity to the underlying asset at the price of a 1.5% administration payment every year.
Litecoin is at the moment the eighth Largest cryptocurrency by market capitalisation (~$16.5Bn as of writing) and 4th by every day traded quantity (~$7Bn as of writing). That is the third ETP from CoinShares and follows on from their Bitcoin and Ethereum ETPs launched earlier this yr. All cash are custodial by Komainu , a three way partnership between CoinShares, Ledger and Funding financial institution Nomura.
Frank Spiteri, Chief Income Officer at CoinShares mentioned of the announcement:
“As demand for digital belongings amongst the normal funding group steadily will increase, we’re beginning to see the inexperienced shoots of demand for funding exposures outdoors of the highest two dominant networks. CoinShares is the chief in creating novel methods for buyers to entry the digital asset ecosystem, and LITE is the following step on a path to bringing a extra complete and diversified providing of ETPs to market.”
Townsend Lansing, Head of Product at CoinShares, added:
“LITE comes scorching on the heels of our Bitcoin and Ethereum product launches in 2021 and can profit from the identical sturdy and clear bodily backed product construction. We’re excited so as to add publicity to such a well-accepted and broadly traded crypto-asset to our new product line.”
The Swiss Six alternate can be notable for being the alternate to launch the primary multi-crypto ETP again in 2018 below the ticker HODL5 (maintained by MVIS) that additionally granted publicity to litecoin together with a basket of different prime crypto belongings.