By Exchange-traded products (ETPs) bound to the prices of the cryptocurrencies XRP and Litecoin have gone live on the Nordic Growth Market, a subsidiary of the Borse Stuttgart exchange.
The news was announced on Thursday and the four ETPs (Two for XRP and two for Litecoin) are now available to investors who are based in the EU as per a statement from XBT, the firm behind the products.
XBT Provider, which is based in Stockholm, Sweden, has since 2015 launched an array of investment products tied to the prices of cryptocurrencies including its bitcoin-connected ETP which went live on the Nasdaq Stockholm Exchange back then. Following that, the firm debuted a similar product which is tied to the price of ETH, the native crypto of the ethereum blockchain.
The core idea behind these products is to provide new investors with an avenue into the world of cryptocurrencies but without actually purchasing any coins directly.
Ryan Radloff, the CEO of XBT Provider parent company CoinShares, stated:
“For traditional investors who are interested in trading, and already have accounts with brokers such as Avanza or Nordnet, but may not care to set up new accounts with new, often unregulated, crypto exchanges, two new crypto assets are now available. This is another important step in the professionalization of the infrastructure around this asset class.”
To this date, XBT Provider has issued eight of these products.
With regards to XRP, this is the second time this week where ETP’s linked to the cryptocurrency went live. As reported by CoinBeat, Switzerland’s SIX Exchange saw an ETP tied to XRP go live on Tuesday 2 April.
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