Digital asset manager CoinShares has announced the launch of an Exchange Traded Product (ETP) based on Litecoin (LTC) with physical backing in cryptocurrency. This was reported in a press release from the firm.
Each CoinShares Physical Litecoin (LITE) share is backed by 0.2 LTC upon release. It will be listed on Switzerland's largest stock exchange, the SIX Swiss Exchange under the ticker LITE, and will have a base commission of 1.5%.
“We are seeing investor interest not only in Bitcoin and Ethereum but also in Litecoin. And LITE is the next step towards bringing a more comprehensive and diversified ETP offering to market, ”said Head of Development, Townsend Lansing. LITE will be the company's third cryptocurrency ETP.
In January 2021, CoinShares released the first Bitcoin-based product of its kind. The instrument received the ticker BITC.
Next, the company launched Ethereum-ETP. He was also listed on the Swiss site.
As a reminder, CoinShares and 3iQ Corp announced the launch of a Bitcoin ETF in Canada. The companies are now awaiting regulatory approval.