Nordic Growth Market, a Boerse Stuttgart subsidiary, announced the launch of exchange-traded products (ETPs) tracking the market price of Litecoin and XRP.
Backed by XBT provider, Nordic Growth Market (NGM) has listed four products - two for XRP and two for Litecoin.
The Thursday announcement also detailed that all investors with access to the NGM exchange can access these products.
Commenting on the instrument, Ryan Radloff, CEO of XBT Provider’s parent company CoinShares, said: “This is an important moment for traditional investors and the crypto community alike as LTC and XRP now, effectively, have an ISIN number.”
XBT Provider is a Stockholm-based Bitcoin exchange-traded note (ETN) operator. In 2015, the company launched its first Bitcoin-backed product called Bitcoin Tracker One on the Nasdaq Stockholm exchange. Later, it expanded its services for other digital assets and in total launched eight crypto-backed investment products to date.
Earlier this year, Bloomberg revealed that the Swedish company was hesitant to launch a trading product tracking the price of a crypto basket due to the uncertainty of hard forks, resulting in chain splits.
“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,” Radloff added.
Growing Demand for Crypto-Backed Trading Products
Crypto ETPs are gaining traction in many European stock exchanges. Swiss Stock Exchange SIX recently announced the listing of a similar XRP-backed product. That was the fourth digital asset-backed product of the exchange as it already operates three crypto-tracking ETPs.
“This is first and foremost a win for investors, especially those in Sweden who have demonstrated such strong support of prior crypto offerings,” Tommy Fransson, deputy CEO of NGM added.
“As an industry, it is important for us to listen, though with caution, to the requests of our investors and respond in kind. We are very excited to be part of making history here with the first ever LTC and XRP tracking products; and look forward to continuing to collaborate closely with XBT Provider on behalf of investors interested in new offerings.”
