CoinShares declared today the issuing of a new product that can be traded on exchanges, CoinShares Physical Litecoin (LITE).
CoinShares Group is a company focused on digital asset investing, headquartered in London. The company’s philosophy is to bring its partners and clients access to digital assets.
LITE is the seventh digital investment product to be included by CoinShares, and the third that has been added this year. The firm is currently managing over $4 billion worth of cryptocurrency assets. The major part of them is made of Bitcoin, followed by Ethereum.
“As demand for digital assets amongst the traditional investment community steadily increases, we are starting to see the green shoots of demand for investment exposures outside of the top two dominant networks. CoinShares is the leader in creating novel ways for investors to access the digital asset ecosystem, and LITE is the next step on a path to bringing a more comprehensive and diversified offering of ETPs to market.”
As stated in the declaration, every LITE feature is backed with 0.20 LTC, and its annual base fee is 1.5%.
CoinShares Group is facing an increasing demand for cryptocurrency investment features other than bitcoin, according to its Weekly Fund Flows Report. This is the reason why the company plans to include new digital assets in the platform for people to invest.
“LITE comes hot on the heels of our Bitcoin and Ethereum product launches in 2021 and will benefit from the same robust and transparent physically-backed product structure. We are excited to add exposure to such a well-accepted and widely traded crypto-asset to our new product line.”
Litecoin is in the top 10 cryptocurrencies based on market capitalization with more than $14 million.
Earlier this year CoinShares, Europe’s largest crypto asset manager, started trading on Nasdaq First North Growth Market on 11th March. This market is a stock exchange for growing firms in Europe (read more here).