Exchange-Traded Notes for XRP, Litecoin Launch on Boerse Stuttgart

[Pegasus]

Germany’s second-largest stock exchange, Boerse Stuttgart, has launched trading for exchange-traded notes (ETNs) based on two cryptocurrencies – XRP and litecoin (LTC).

Boerse Stuttgart announced 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.

ETNs are unsecured debt securities that, like exchange-traded funds (ETFs), are traded on a stock exchange. Such products allow investors to gain exposure to asset classes, including cryptocurrencies, without actually purchasing them directly.

‘There is a lot of interest in cryptocurrencies,” Boerse Stuttgart’s director for blue chips & funds trading, Jürgen Dietrich, said. Such ETNs will allow investors in Germany to track “future price developments” of the two cryptocurrencies “for the first time,” he said.

The XRP and litecoin ETNs will be tradeable on the exchange between 8:00 and 22:00 hours CET (07:00 and 21:00 hours UTC).

The notes have already been trading in Sweden at Boerse Stuttgart’s wholly owned subsidiary Nordic Growth Market exchange since April, according to the announcement.

Earlier this year, Switzerland-based stock exchange SIX Group also listed an XRP-based exchange-traded product (ETP). SIX now has a total of four cryptocurrency ETPs listed, with XRP, bitcoin (BTC) and ether (ETH) products, as well as another that tracks the top-five cryptocurrencies in terms of market capitalization and liquidity.

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