ETC Group, the specialist provider of innovative, digital asset-backed securities, has announced that it will list LTCetc – ETC Group Physical Litecoin ETC (Ticker: ELTC) on Deutsche Börse’s XETRA platform on Wednesday 14th April 2021. The exchange traded cryptocurrency is structured as an asset-backed debt security issued in Germany, and is marketed and distributed by HANetf.
ETC Group´s Physical Litecoin ETC (Ticker: LITE) will track the price of Litecoin providing investors with an institutional grade product to gain exposure to the Litecoin cryptocurrency. ELTC is the first Litecoin product to be listed on Xetra and will be central counterparty cleared1.
The launch follows the huge success of ETC Group’s first product - BTCetc (Bitcoin Exchange Traded Crypto, ticker BTCE) – launched on XETRA last June, which has seen its assets under management grow to over $1 billion in just seven months2. BTCE had a turnover of 925million EUR on Xetra in February with a market share of 79.4% of the ETN segment of Xetra and was the most traded ETP across the whole of Xetra3.
It’s the third crypto ETC from ETP Group – in March 2021 it listed ETC Group Physical Ethereum ETC (Ticker: ZETH) which tracks the price of Ether and was the first Ethereum ETP to be listed on the Deutsche Borse. ZETH traded over $1million in its first week of launch4 and had spreads of just 23 basis points5.
Bradley Duke, CEO of ETC Group said:
Past performance is no guarantee of future performance. Cryptocurrencies are highly volatile, and your capital is at risk.
Hector McNeil, co-Founder and co-CEO at HANetf, said:
Approved by BaFin, the German financial regulator, each unit of ELTC is physically backed by Litecoin stored in regulated, institutional-grade safe custody. This gives the investor a claim on a predefined amount of Litecoin - a structure very similar to physically backed gold exchange traded commodities and allows investors the option for redemption in Litecoin. The ETC structure is based on a transparent and verifiable process to ensure that the provenance of the Litecoin in custody has been strictly vetted. Investors do not need to engage with the technical challenges of purchasing and storing the cryptocurrencies such as setting up a cryptocurrency wallet or trading on unregulated crypto exchanges and there is no need to manage cryptographic keys or engage with blockchain technology at all. Units of ELTC are safely held with an investor’s securities broker or bank, thus removing the risk of losing the investment because of, for instance, lack of knowledge of how cryptographic keys work.
ELTC will be supported by a network of world class Authorised Participants (APs) and Market Makers such as Flow Traders, experienced in cryptocurrency markets as well as the ETP markets. The APs ensure on-exchange liquidity and tight spreads, enabling traders to purchase in all sizes without having to worry about market impact.
Trading will be centralised on XETRA, drawing liquidity from the many fragmented crypto exchanges. ETPs are at their most powerful when they democratise access to difficult-to-access asset classes and can harness global liquidity in a robust, and tried and tested product structure.
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