European digital asset manager CoinShares continues to actively aggrandize its physically backed cryptocurrency exchange-traded product offer with a new Litecoin (LTC) ETP.

Co-ordinate to an announcement on Tuesday, CoinShares has launched its CoinShares Physical Litecoin.

Listed under the ticker symbol LITE, each unit of measurement of the Litecoin ETP is backed with 0.2 LTC ($45) at launch, providing investors with passive exposure to the Litecoin network's native asset. The new investment production will be initially listed on Switzerland's regulated crypto exchange SIX Swiss Exchange with a base fee of one.50%, CoinShares said. Light is now listed on Bloomberg, with an opening price of $44.v.

Litecoin is a major altcoin and a fork of the Bitcoin codebase that was originally positioned as a "silverish to Bitcoin's gold." Created by former Google and Coinbase engineer Charlie Lee in 2022, Litecoin is nearly identical in technical details to Bitcoin, featuring some core differences like shorter block times. Litecoin targets a 2.5-minute block time versus Bitcoin'southward 10 minutes. Litecoin is now one of the world'due south biggest cryptocurrencies, currently ranked the ninth-largest coin past market capitalization at $15 billion.

The CoinShares Concrete Litecoin is the 3rd crypto ETP product launched in 2022 on CoinShares' institutional-grade ETP platform, CoinShares Physical. After debuting a physically backed Bitcoin (BTC) ETP on the platform in Jan, CoinShares rolled out a like production for Ether (ETH) in February.

According to the annunciation, CoinShares now has over $iv billion in assets under management, with Bitcoin accounting for over lx%. "Lite is the next step on a path to bringing a more comprehensive and diversified offering of ETPs to market," CoinShares chief revenue officer Frank Spiteri said.

The crypto ETP industry has seen some rapid development in Europe. In March, Deutsche Borse's electronic trading platform Xetra appear the launch of its start Ether-based ETPs by European ETP issuers like ETC Grouping and 21Shares. In February, 21Shares launched the world's first Polkadot ETP on the SIX Swiss substitution.