Börse Stuttgart, the second largest stock exchange in Germany has approved the listing for XRP and Litecoin exchange-traded notes (ETNs). In the latest cryptocurrency news, we can see that the ninth largest stock exchange in Europe kept its promise to launch crypto trading services.
The Börse Stuttgart team stated:
“For the first time in Germany, investors can now buy and sell exchange-traded notes (ETNs) based on the cryptocurrencies Litecoin and Ripple (XRP). The four securities issued by XBT Provider in Sweden track the price of the two cryptocurrencies in relation to the euro and the Swedish krona.’’
ETNs are similar to the exchange-traded funds but they operate as strictly regulated and transparent instruments that can serve investors when investing in various assets. The launch of the crypto-backed ETHs on Börse Stuttgart aims to increase the liquidity of Litecoin and XRP, especially in high-profile investors and institutions.
Crypto exchanges could be compelling for a lot of first-time users and individuals due to their liquidity and ease of access. However, for some, the lack of better protection still remains an obstacle. As it was previously mentioned in the altcoin news, back in 2017 during Vanity Fair New Establishment Summit in Los Angeles, Mark Cuban stated that he invested in Bitcoin through an ETN by saying:
‘’It is interesting because there are a lot of assets which their value is just based on supply and demand. Most stocks, there is no intrinsic value because you have no true ownership rights and no voting rights. You just have the ability to buy and sell those stocks. Bitcoin is the same thing. Its value is based on supply demand. I have bought some through an ETN based on a Swedish exchange.’’
The Director Blue Chips and Funds Trading at Börse Stuttgart Jurgen Dietrich pointed out:
‘’There is a lot of interest in cryptocurrencies. These [litecoin and XRP] ETNs will allow investors in Germany to track future price developments of the two cryptocurrencies Litecoin und Ripple (XRP) through exchange-traded securities for the first time.’’
The potential increased demand for Litecoin ETN in Germany is still uncertain and there is little knowledge on whether it could impact the state of the exchange market. During the developer activity and rising value, the quality of liquidity for the cryptocurrency only adds to its momentum.
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