Deutsche Börse Group, a leading German marketplace organizer for the trading of shares and other securities, today announced that it has expanded its crypto offering with the introduction of an Exchange Traded Note (ETN) on Litecoin (LTC).
According to the official announcement, Litecoin ETN is available for trading via Xetra and Börse Frankfurt. ETC Group is the issuer of the product. The symbol of the newly launched crypto product is LTCetc.
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Deutsche Börse outlined that the Litecoin product will enable investors to take advantage of the price movements of LTC.
“The ETC Group Physical Litecoin ETP now enables investors to participate in the performance of the cryptocurrency Litecoin on Xetra without having to set up crypto wallets. The ETN, which is physically backed by Litecoin, has been admitted to the Regulated Market of the Frankfurt Stock Exchange and is centrally cleared via Eurex Clearing. This allows investors to benefit from significantly reduced risks in the settlement of exchange transactions,” the official announcement states.
Deutsche Börse has expanded its crypto offerings due to growing demand from investors and a significant jump in cryptocurrency prices. The Group reported strong financial numbers in the last quarter of 2020 as FX revenues jumped 7%, compared to the same period in 2019.
LTC is the 9th largest cryptocurrency in the world with a market cap of more than $18 billion. Litecoin has gained more than 100% since the start of this year. As of writing, the digital currency is trading above $270 with a market cap of more than $18.2 billion. Litecoin touched an all-time high of $331 in December 2017. LTC remained one of the best-performing cryptocurrencies among the top 10 in the last 7 days with a jump of more than 20%.
ETC Group, the issuer of the latest Litecoin ETN joined Switzerland-based SIX Group in January 2021 to issue a Bitcoin exchange-traded product (ETP) with a primary ticker symbol of BTCE.