Specialist crypto ETP provider ETC Group has unveiled its third product, the LTCetc – ETC Group Physical Litecoin ETC (ELTC GY).
Set to debut on Deutsche Börse Xetra on 14 April, the ETP will provide institutional investors with fully backed exposure to litecoin.
Litecoin, currently the world’s ninth-largest crypto asset by market cap, originated in October 2011 as an early spinoff from bitcoin. It is similar to bitcoin in that it has a fixed supply (programmed to be four times the eventual supply of bitcoin) and undergoes regular block reward ‘halvings’.
The main difference between the two cryptocurrencies is that litecoin delivers a faster block generation time of two and a half minutes, compared to ten minutes for bitcoin.
This feature has established litecoin as the go-to cryptocurrency for users seeking to conduct transactions quickly.
Often referred to as the silver to bitcoin’s gold, litecoin has grown by 390% in the past 12 months while bitcoin has rallied 670% over the same period (performance data relative to the US dollar).
As with ETC Group’s existing ETPs – the $1.3bn BTCetc – ETC Group Physical Bitcoin (BTCE GY) and the $15m ETHetc – ETC Group Physical Ethereum (ZETH GY) – ELTC is being brought to market in partnership with London-based white-label issuer HANetf, which is advising on operations and taking lead responsibility for product marketing and distribution.
Each unit of ELTC will…