Coinspeaker
XRP and Litecoin Exchange Traded Products Launch on Boerse Stuttgart’s Subsidiary
The tendency of launching exchange-traded products (ETPs) is gaining popularity among the European stock exchanges. These products are expected to increase the interest to the crypto world from the side of those investors who preferred not to deal with digital assets before.
Now it has been revealed that the Boerse Stuttgart-owned Swedish exchange Nordic Growth Market (NGM) is listing new ETPs that track the price changes of XRP and Litecoin. The ETPs are to become available for trading on the platform starting from April 5.
Boerse Stuttgart is known to be the second largest stock exchange in the country and its reported trading volumes amounted to 71.2 billion euros in 2018. NGM that is wholly owned by Boerse Stuttgart operates across Sweden, Norway, Denmark, and Finland.
The newly-launched products are targeted at European investors and are issued by CoinShares’ company XBT Provider based in Sweden. The company is known for having provided Bitcoin tracking product to the Nasdaq Stockholm exchange in 2015 and a similar product for tracking Ethereum prices in 2017.
Speaking about the new ETPs, Ryan Radloff, CEO of CoinShares, stated:
“This is an important moment for traditional investors and the crypto community alike as LTC and XRP now, effectively, have an ISIN number. This was not an easy feat and a lot of credit is due to our MD of XBT Provider, Laurent Kssis and his counterparts at NGM for their expertise in navigating the complexities of the traditional system and bringing these new digital asset products to market for investors.”
The tracking certificate for each of the newly introduced ETPs represents itself a set amount of the underlying asset and it tracks a composite index of each. When an investor buys an ETP on the exchange, it’s bound with the underlying asset 1:1.
The management of NGM is also very positive about the new products and the opportunities that they provide investors with. Tommy Fransson, NGM Deputy CEO, explained:
“This is first and foremost a win for investors, especially those in Sweden who have demonstrated such strong support of prior crypto offerings. As an industry, it is important for us to listen, though with caution, to the requests of our investors and respond in kind.”
“We are very excited to be part of making history here with the first ever LTC and XRP tracking products; and look forward to continuing to collaborate closely with XBT Provider on behalf of investors interested in new offerings,” stated he.
ETPs on SIX
Another European stock exchange that offers ETPs is Switzerland’s principal stock exchange SIX. This week Coinspeaker has reported that SIX listed the world’s first XRP-based ETP issued by crypto derivative development firm Amun.
Earlier, SIX approved the listing of the world’s first multi-crypto-based ETP and is now planning to launch such products for other digital assets.
XRP and Litecoin Exchange Traded Products Launch on Boerse Stuttgart’s Subsidiary
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