Germany’s top-ranked and the largest exchange of the country, Boerse Stuttgart has approved to list Litecoin and Ripple digital cryptocurrencies. This is important news for investors as they can now trade with Litecoin and XRP exchange-traded notes (ETNs). Making Litecoin and XRP available on Boerse Stuttgart stock exchange will increase the adoption of these cryptocurrencies.
Boerse Stuttgart is not only the second biggest exchange in Germany but also the ninth largest exchange in Europe. Team of Boerse Stuttgart responded to the listing of exchange-traded notes that, now investors in Germany for the first time can purchase and sell exchange-traded notes based on two digital currencies Litecoin and Ripple (XRP). XBT Provider has offered four types of securities within Sweden; these securities will enable to monitor the price of both the digital currencies with regards to the Swedish Krona and the euro.
When the Boerse Stuttgart exchange approved the listing of two cryptocurrencies exchange-traded notes (ETNs) the value of Litecoin and Ripple jumped by more than 5 percent. XBT Provider is a Sweden based firm, and the news of listing was revealed on Monday.
Trading with Blue Chips and Funds Head of Boerse Stuttgart stock exchange, Jurgen Dietrich mentioned:
“Interest in cryptocurrencies is still high. ETNs allow investors in Germany to participate in the performance of the major cryptocurrencies Litecoin and Ripple (XRP) through exchange-traded securities.”
The ETNs listing of Borse Stuttgart (SWB’s) further enables investors to monitor the upcoming value of Litecoin and Ripple because of exchange-traded securities. ETNs are unguaranteed debt securities just like exchange-traded funds (EFTs) that are traded over the stock exchange.
Exchange Traded Notes (ETNs) are more or else the same to exchange-traded funds (ETFs). ETNs are strictly organized, transparent and secured instruments which can be used by traders to invest in different assets.
During the official press conference of the firm, Jurgen Dietrich the Boerse Stuttgart executive revealed the initiative is the first of its kind in Germany to be implemented.
The trading timing has been announced just like any other exchange products crypto-based ETNs are available to trade on the Boerse Stuttgart trading exchange from 8.00 to 10.00 P.M Central European Time.
Bison a crypto-based trading application was introduced by the second largest stock exchange of Germany at the beginning of 2019. Boerse Stuttgart has been expanding its services, before this development Nordic Growth Market (NGM) was acquired by Boerse Stuttgart exchange and has allowed for the trading of Litecoin and Ripple in Sweden and continues to trade from April 4.
Boerse Stuttgart had revealed its plan to release its crypto trading platform in December.
The news was circulating that the biggest stock exchange of the world Nasdaq, was testing product powered by bitcoin. However, the exchange mentioned about its plan to introduce bitcoin futures in 2019.
For most of the traders, cryptocurrency exchanges may be a powerful tool because crypto assets are easy to access and adoption, but for few traders, poor investor protection is a big concern and remains the main barrier.