As announced today by the London-based firm ETC Group, its physical Litecoin (LTC) exchanged-traded crypto, which goes by the ticker “ELTC,” will now be listed on the German digital stock exchange – specifically, on the Deutsche Borse Xetra – this coming April 14th. The firm then further noted that the exchange-traded product (ETP) is set to be the first LTC product to be listed on the specific exchange following the approval it received from the Federal Financial Supervisory Authority of Germany.
Once launched, the ELTC would be distributed and marketed by the HANetf and would have a management fee of 2%. ETC Group’s Litecoin ETP is actually its third exchange-traded crypto to be listed in the German digital stock exchange. Last June 2020, the group launched a Bitcoin ETP, which is then immediately followed by an Ether ETP the month after.
According to the CEO of ETC Group, Bradley Duke, the present cloud of uncertainty blanketing the global economy has attracted many to the prospect of cryptos due to its significant diversification and hedging capabilities unseen from traditional assets. He adds that the conventional market would probably remain volatile for the foreseeable future, further fueling the already overwhelming demand for alternative assets, such as cryptocurrencies. With that in mind, Duke believes that the ELTC couldn’t come at a more excellent time.
Duke further noted that LTC has surged by more than 342% in the past year with its momentum still on the upside and is currently regarded as the ninth-largest crypto via market capitalization with about $14.6 billion.