Boerse Stuttgart Has Added ETN Based on Litecoin and Ripple

Germany's second largest stock exchange, Boerse Stuttgart, has just added Exchange Traded Notes (ETN) based on Litecoin (LTC) and Ripple (XRP) cryptocurrency, which tracks prices in relation to the euro and Swedish krona.

The exchange has been offering trade and storage crypto since February this year, available for Bitcoin, Ethereum, Litecoin and Ripple. Securities issued by XBT Providers in Sweden, a publisher of Bitcoin, Ethereum, Litecoin and XRP Traded Product Exchanges, are listed on the Nasdaq and Nordic Market Growth in Stockholm, according to their website.

ETNs can now be traded in Boerse Stuttgart between 8:00 and 22:00 CET, according to the announcement, and have been traded since April on the NGM Exchange, a subsidiary of Boerse Stuttgart. This is reported as the first product available in Germany.
Jürgen Dietrich, Director of Trade of Blue Chips & Funds at Boerse Stuttgart, said in a press release: "There is a lot of interest in cryptocurrency. This ETN will allow investors in Germany to track the future development prices of two cryptocurrencies namely Litecoin (LTC) and Ripple (XRP) in exchange for traded securities for the first time."

ETN is a type of debt without security guarantees that tracks an underlying index of securities and trade on the main exchange. ETNs are similar to bonds but do not pay interest payments, because the prices fluctuate even like stocks.

When ETNs are due, the issuing financial institutions (such as Boerse Stuttgart) incur costs, then give cash to investors based on the performance of the underlying index. ETN is different from exchange-traded funds (ETFs) because the latter must have security in the index it tracks.

The Boerse Stuttgart stock exchange also has positive crypto in the past: in addition to offering crypto trading and storage, they have also announced a complete, end-to-end infrastructure for digital assets in August 2018, although they have not yet determined when this infrastructure can be launched.
The idea is to offer a platform for initial coin bidding (ICO), trading venues, and cryptocurrency guarding services, all on one roof.