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Bitcoin and Ether ETPs are now available on the Deutsche Börse Xetra.
The London-based ETC Group, which was responsible for the first crypto exchange-traded offering to be listed on Germany’s Xetra digital stock exchange, will offer a new listing for Litecoin.
The ETC Group announced today that its physical Litecoin exchange-traded crypto, denoted by the ticker ELTC, would be available on Deutsche Börse Xetra on April 14. Following clearance from Germany’s Federal Financial Supervisory Authority, or BaFin, the exchange-traded commodity, or ETP, would be the first Litecoin (LTC) product on the exchange, according to the company.
“The current economic uncertainty has highlighted the appeal of crypto assets for investors as they offer opportunities for diversification from traditional assets such as equities and bonds, as well as strong inflation hedging qualities,” said ETC Group CEO Bradley Duke. “Traditional markets will remain volatile for some time, fueling demand for alternatives such as cryptocurrencies.”
“In contrast to previous rallies in cryptocurrencies, the current one is the first to be supported by both retail and institutional investors, making this the ideal time to launch ELTC.”
The ETC Group’s Litecoin ETP is the group’s third exchange-traded crypto in the last year. The firm first listed a Bitcoin ETP on Xetra in June, followed by an Ether ETP last month. According to the company, the Ether ETP exchanged more than $1 million in the first week on the market, while the Bitcoin ETP currently has more than $1 billion in assets under control.
An exchange-traded product, or ETP, is not the same as an exchange-traded fund, or ETF. When the ETC Group released its Bitcoin ETP last year, it said that it was “trading Bitcoin through an ETP structure,” which seems to fall short of the concept of an ETF in the European Union since it is a single asset instrument.
Along with Bitcoin and Ether, Litecoin has drawn the interest of several financial companies as the ninth biggest cryptocurrency with a market capitalisation of more than $20 billion. Though the ETC Group is said to be the first to list a physical Litecoin ETP, CoinShares revealed earlier this month that its LTC ETP will be listed on the SIX Swiss Exchange.