Litecoin (LTC) and XRP ETNs Launches on Germany’s second largest stock exchange Börse Stuttgart
Börse Stuttgart, Germany’s second-largest stock exchange, has launched trading for exchange-traded notes (ETNs) based on two cryptocurrencies – XRP and Litecoin (LTC).
Börse Stuttgart announced this Monday that Sweden-based firm, XBT Provider, is issuing four securities that will track the price of XRP and LTC in relation to the euro and Swedish krona, with all four now available for buying and selling on the exchange.
Investopedia defines ETNs as “a type of unsecured debt security that tracks an underlying index of securities and trade on a major exchange like a stock.” Such products allow investors to gain exposure to asset classes, including Cryptocurrencies, without actually purchasing them directly. ETN instruments are a regulated and transparent way for institutional investors to get involved in Crypto.
Boerse Stuttgart’s director for blue chips & funds trading, Jürgen Dietrich, said,
There is a lot of interest in cryptocurrencies. These [litecoin and XRP] ETNs will allow investors in Germany to track future price developments of the two cryptocurrencies Litecoin und Ripple (XRP) through exchange-traded securities for the first time.
According to the announcement, the ETNs can now be traded against the Swedish krona (SEK) and euro (EUR) on Nordic Growth Market (NGM) owned Börse Stuttgart, which is Europe’s tenth-largest exchange.
The SWB’s Crypto ETNs listing purportedly allows investors to track the future price developments of XRP and LTC through exchange-traded securities, which is the first initiative of its kind in Germany, as stated by Jürgen Dietrich.
Many major financial institutions like Fidelity, TD Ameritrade, Bakkt, JP Morgan, etc are preparing to launch Crypto products which could drive institutional investors like Hedge Funds, Pension funds, Sovereign wealth funds to invest in Crypto assets.
Max Keiser believes that this could drive FOMO (Fear of missing out) amongst institutional investors similar to that of retail investors back in 2017 which could drive up the price of Bitcoin causing a bull run.
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