CoinShares, has announced the launch of its third physically-backed ETP , kicking 2021 started with yet another Litecoin ETP. CoinShares has announced that its native Physical Litecoin is now live. As at when it went live, the asset was described using its own ticker, LITE. Coinshares also mentioned that the products, as at when they were launched were backed with at least 0.2 Litecoin which is approximately $45 in todays market.
The ETP will allow investors gain massive exposure while investing on the digital asset. This new product has also seen listing on Swiss SIX exchange, Switzerland’s regulated cryptocurrency exchange, with its base fee totaling a region around 1.5% per annum. Bloomberg has also taken the lead in this regard to list the asset, capping it at $44.5.
CoinShares boasts of $4 billion AUM
After launching the debut physically-backed Bitcoin ETP as early as January and Kicking off February with the launch of its Ethereum ETP, this Litecoin ETP is the third cryptocurrency ETP to be launched on CoinShares’s institutional-grade ETP platform in 2021. Frank Spiteri, the Chief Revenue Officer at CoinShares, also pointed out that the firm now has figures in a region around $4 billion assets under its management, and Bitcoin holds around 60%. He also pointed out that Ethereum is also seeing a significant increase.
He adds that LITE is a desired next step to bringing a more diversified and comprehensive offering of ETPs to the crypto market. The creation of exchange-traded products allows investors to benefit from institutional-class study, greater liquidity, transparency, and simplified trading via a standard brokerage account. It serves as a wrapper for the main product being traded, and it poses a lot of opportunities with this recent introduction to cryptocurrency.
Litecoin, created by former Coinbase and Google engineer, Charlie Lee is a major altcoin. It’s referred to as the Bitcoin codebase fork that was originally positioned as “Bitcoin silver to gold.” The cryptocurrency is one of the largest cryptocurrencies by worth and market capitalization.
Litecoin holds tight to its spot on market cap rankings
Ranking 9th largest cryptocurrency by market capitalization is a peer-to-peer cryptocurrency and also based on an open-source software released under the MIT/X11 license. The network has an almost similar technical detail to Bitcoin, with only a few fundamental differences, such as shorter block times. Bitcoin targets a block time of about 10 minutes, while LItecoin’s block time is 2.5 minutes. Litecoin’s current value holds at around $237, gaining over 70% since the start of 2021.
Developments like CoinShares Physically-Baked LTC will see investors jumping on the network in the nearest time to come.The litecoin ETP is the third from CoinShares, and the continuous launching of these products is a testament to the company’s growth and an obvious telling to several other ETPs to come.
According to results announced on CoinShare, the company’s profit more than doubled in the 4th quarter of 2020 compared to the year earlier. The company, alongside 3iQ Corp, recently announced a Bitcoin ETF launch in Canada, and both firms are now awaiting regulatory approval. COinShare describes itself as Europe’s largest asset management company, and it is publicly listed on Nasdaq First North Growth Market.