Merely two days after an Exchange traded product (ETP) tied to XRP made its debut on the Swiss stock exchange SIX, and now two more XRP tied ETPs together with Litecoin-based ETPs go live on the Nordic Growth Market – which is a subsidiary of the famous Borse Stuttgart exchange.
European Union Investors Smiling
According to an announcement made on Thursday 4, 2019 by XBT Provider which is a firm behind the products, the ETPs are four in number (two for Litecoin and two for XRP). The products are now available to all investors who are based in the European Union.
The ETPs are simply derivatively priced securities which are traded on a national securities exchange. The pricing for them derives their value from other investment instruments which are commonly found in forms of commodities, indexes, and stocks.
The Increasing Number of ETPs
The debut of the XRP and Litecoin based products has come after XBT Provider has previously launched several other products since it first burst onto the scene in 2015. The first crypto ETP developed back then was the bitcoin-connected ETP that debuted on the Nasdaq Stockholm exchange where the provider is based.
The following ETP was tied to the native crypto of the Ethereum network, Ether. Currently, XNT provider has already issued eight cryptocurrency based exchange-traded products. Therefore, it seems like the numbers will keep on accumulating given nature at which mass adoption of cryptocurrencies is taking place.
ETPs Significance
What’s for sure is the fact that now ETPs are making their way into the sector regardless of whether they will enrich the cryptocurrency on not. The idea behind such products is providing investors with an avenue to gain exposure to cryptocurrencies but without directly purchasing them.
According to Ryan Radloff, CEO of XBT Provider parent company CoinShares, traditional investors now have additional crypto assets available for those not interested in trading but have accounts already with brokers but yet want to set up new accounts with new crypto exchanges.
Either way, with several other ETPs suspected to follow, one thing is still standing out, that cryptocurrencies are surely gaining mass adoption and things are just getting interesting.
Image courtesy of Pixabay.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
