CoinShares launches physically-backed Litecoin ETP

CoinShares launches physically-backed Litecoin ETP

European digital asset manager CoinShares continues to actively expand its physically-backed cryptocurrency exchange-traded product offering with a new Litecoin (LTC) ETP.

According to an April 6 announcement, CoinShares has launched its CoinShares Physical Litecoin.

Listed under the ticker symbol LITE, each unit of the Litecoin ETP is backed with 0.2 LTC ($45) at launch, providing investors with passive exposure to the Litecoin network’s native asset. The new investment product will be initially listed on Switzerland’s regulated crypto exchange Swiss SIX exchange with a base fee of 1.50%, CoinShares said. LITE is now listed on Bloomberg, with an opening price of $44.5.

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Litecoin is a major altcoin and a fork of the Bitcoin codebase that was originally positioned as a “silver to Bitcoin’s gold.” Created by former Google and Coinbase engineer Charlie Lee in 2011, Litecoin is nearly identical in technical details to Bitcoin, featuring some core differences like smaller block times. Litecoin targets a 2.5 minute block time versus Bitcoin’s 10 minutes.

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