Boerse Stuttgart, the second-biggest stock exchange in Germany, has introduced trading for exchange-traded notes (ETNs) based on two cryptocurrencies—XRP and litecoin (LTC).
Boerse Stuttgart revealed on May 13 that XBT Provider is launching four securities that will monitor the price of XRP and LTC in relation to the euro and Swedish krona. All four are now available for trading on the Sweden-based exchange.
Similar to exchange-traded funds (ETFs), ETNs are unsecured debt securities that are traded on a stock exchange. These products enable investors to gain access to asset classes, including cryptocurrencies, without buying them directly.
Jürgen Dietrich, the director for blue chips and funds trading at Boerse Stuttgart, said, “There is a lot of interest in cryptocurrencies.” Such ETNs will enable German investors to monitor “future price developments” of the two cryptocurrencies “for the first time,” he added.
The XRP and litecoin ETNs will be available for trading on the exchange between 8:00 and 22:00 hours CET (07:00 and 21:00 hours UTC).
According to the announcement, the notes have already been available for trading in Sweden at Nordic Growth Market exchange, a wholly owned subsidiary of Boerse Stuttgart, since April.
SIX Group, a stock exchange based in Switzerland, also listed XRP-based exchange-traded product (ETP) earlier this year. SIX currently has four cryptocurrency ETPs listed, with bitcoin (BTC), XRP, and ether (ETH) products, along with another that monitors the top-five cryptocurrencies in terms of liquidity and capitalization.