FINRA Approves Grayscale To Trade BCH and LTC Publicly

Vandana  |  Jul 21, 2020

Grayscale Investments, a crypto fund manager has recently received approval from Financial Industry Regulatory Authority, FINRA. Now the firm will be able to make both Bitcoin Cash (BCH) and Litecoin (LTC) available for public trading on OTC markets. This announcement was made by Grayscale on July 20. Along with this, the firm also mentioned that both these stocks could be seen under the symbol BCHG and LTCN.

FINRA states shares need to be DTC eligible 

When it comes to trading digital assets, they need to be fully compatible with Depository Trust Company (DTC) which is the largest securities depository across the world. FINRA has also specified that the shares need to be DTC eligible in order to have trading volumes. As per the announcement, both BCHG and LTCN will become compatible with DTC very soon.

Grayscale has reported that by the end of June, the firm was having 2,725,300 shares in its Bitcoin Cash Trust and there are around $5.8 million assets which are still under management. While with Litecoin Trust, there are 509,400 shares. The speciality of the firm is that it helps people to invest in crypto even without holding the token. Through this, the firm avoids the whole procedure of buying and storing digital assets directly.

The firm receives approval for various assets

It has been reported that Grayscale has received approval from FINRA for different digital assets. The list includes the shares of Bitcoin, Ethereum, Ethereum Classic and many others. All these assets will also be available for trading with Grayscale. Both Bitcoin Cash and Litecoin have been placed at fifth and sixth place on the firm’s platform which is available for public offering. By listing both of them, the firm is going to see a great response from the crypto community. The reason being that BCH is listed as the fifth-largest token according to its market capitalization. While LTC, on the other hand, has been listed at the ninth position.

Articles You May Read.

    Related News