- Nordic Growth Market introduces new products based on digital assets.
- LTC and XRP-based ETPs will be available for all eligible traders with access to NGM.
Trading platform Nordic Growth Market (NGM) launches Exchange Traded Products (ETP) based on digital coins XRP and Litecoin.
This listing is an important development, considering that Nordic Growth Market is a part of Börse Stuttgart Group, the second largest stock exchange in Germany. The new products will allow European investors to gain access to LTC and XRP, via a regulated exchange.
Four ETPs (two per coin) will be issued by XBT Provider.
“This is an important moment for traditional investors and the crypto community alike as LTC and XRP now, effectively, have an ISIN number. This was not an easy feat and a lot of credit is due to our MD of XBT Provider, Laurent Kssis and his counterparts at NGM for their expertise in navigating the complexities of the traditional system and bringing these new digital asset products to market for investors” Ryan Radloff, CEO of CoinShares, parent to XBT Provider commented.
Now all eligible investors with access to NGM exchange via their broker or trading platform can add passive LTC or XRP exposures to their accounts.
“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.
Notably, XBT Provider launched the first BTC-based product on Nasdaq Stockholm in 2015. It is known as Bitcoin Tracker One (BTO). In the end of 2017 Nasdaq Stockholm added support for ETH-based ETN. Bitcoin-based ETN was launched in summer 2018.