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Grayscale Investments Makes Bitcoin Cash And Litecoin Available On OTC Markets

Crypto fund manager Grayscale Investments makes Bitcoin Cash and Litecoin available for OTC market trading.

According to a July 20 announcement Grayscale stated that the Financial Industry Regulatory Authority (FINRA) in the United States had approved shares of the firm’s Bitcoin Cash Trust and Litecoin Trust for public trading.

Our team continues to bring new opportunities for investors to gain exposure to digital currencies: Grayscale #BitcoinCash Trust & Grayscale #Litecoin Trust have received FINRA approval for public quotations on @OTCMarkets under symbols: $BCHG* & $LTCN* — Grayscale (@GrayscaleInvest) July 20, 2020

Both the stock will now be available for OTC markets as:

  1. BCHG

  2. LTCN

The public trading for Bitcoin Cash Trust and Litecoin is compatible with the Depository Trust Company (DTC), the world’s largest securities depository.

The announcement stated:

“There will be no trading volume in the shares’ public quotations until the respective shares are DTC eligible, which BCHG and LTCN are expected to receive soon.”

As of June 30, Grayscale has 2,725,300 shares in its Bitcoin Cash Trust for $5.8 million assets under management and 509,400 shares of the Litecoin Trust totaling $2 million. 

Grayscale’s trusts provide a means of investing in cryptocurrencies without having to actually hold the tokens.

According to Grayscale, this strategy avoids:

“the challenges of buying, storing, and safekeeping digital Bitcoin Cash or Litecoin directly.”

Shares of Bitcoin Cash and Litecoin are the fifth and sixth public offerings from Grayscale.

Grayscale has also received approval to list shares of major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Ethereum Classic (ETC).

Meanwhile, Horizen (ZEN), Stellar Lumens (XLM), XRP, and Zcash (ZEC) are also available for trading through a trust at the investment firm.

According to CoinMarketCap, BCH is currently rated as the fifth largest token by market cap, while LTC is ninth.

Source: Cointelegraph | Image: Pexels



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