What Happened: According to Fintech Zoom, London-based crypto asset manager ETC Group plans to launch its Litecoin ETC on Xetra on April 14.
The product will likely be a central counterparty cleared ETP with a management fee of 2% per year marketed and distributed by independent ETF investment platform HANetf.
“Litecoin has grown by 342% in the past 12 months and is the ninth-largest cryptocurrency by market capitalization at $14.6 billion with growing interest from institutional and retail investors,” ETC Group CEO Bradley Duke commented.
According to CoinMarketCap data, Litecoin reacted with significant volatility to the news. Within 24 hours, after touching $246.48, it rose by 4.7% to $258.07, then falling by nearly 6.6% to $241.1.
At press time, Litecoin was traded at $244.56.
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