Coinshare, a renowned digital asset investing firm from Europe, has released a physically-backed Exchange-traded product for the third time this year. The European firm has introduced the latest alternative physically backed digital assets to increase their digital asset offerings.
Litecoin is listed with a stock symbol of LITE in the stock market, and every unit of the LITE Exchange Trade Product is supported by $45 worth of Litecoin. By managing LITE, the firm is providing an inert exposure LTC network proprietary assets. Initially, the base toll will be, set at 1.50% for the latest investment offering and listed over at SIX Swiss Exchange. a Switzerland-based digital asset exchange. Currently, the LITE price is sitting at $44.5 on Bloomberg.
Litecoin is considered as a fork and one of the leading competitors for the Bitcoin Kernel Moreover, Litecoin can also be looked at as silver to Bitcoin’s gold. Litecoin was made around 2011 by ex Coinbase and Google engineer Charlie Lee. Bitcoin and Litecoin are the same. Both cryptocurrencies are working on similar technology. However, Litecoin has some different core functionalities, like having fewer block times compare to Bitcoin. Bitcoin targets a ten-minute block time compare to Litecoin’s merely 2.5 minutes. If we go by market capitalization, Litecoin is among the largest digital currencies around the world. It is positioning itself at a solid 9th position and having $15 billion as its market cap.
The investment firm’s institutional-quality Exchange trade product platform includes two physically backed digital assets. With the introduction of Litecoin, the tally is currently up to three offerings. The first offering Bitcoin Exchange trade product by Coinshare came in January. The very next month in February, Coinshare introduced their second offering closely related to Ether. One thing to note is all these offerings by Coinshare are physically backed.
Following the announcement, it is noted that Coinshare maintains more than $4 billion in resources and manages more than 60% of Bitcoin’s books. Frank Spiteri of Coinshare said that the release of LITE would constitute a forward step for including a more diversified and comprehensive ETPs offering to the crypto market.
Throughout this year, Europe has noted many swift developments within the ETP market. Xetra, a trading platform of Deutsche Borse, revealed its latest Ether inspired ETP, which was issued by 21Shares and ETC Group. Latterly Polkadot ETP was also released by 21Shares on the same Swiss exchange Litecoin was listed on.