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LONDON (Reuters) - Britain's ETC Group said on Thursday it will this month list five new "exchange traded cryptocurrencies" at the Frankfurt stock exchange, adding to the glut of exchange-traded products at European exchanges.
Exchange-traded cryptocurrency products are seen as boosting access to the emerging asset class for a wider group of investors. Proponents say they reduce risk of exposure to cryptocurrencies, such as opaque markets and security flaws in related infrastructure.
The so-called ETCs, which will list on the Deutsche Borse's electronic trading platform Xetra, are based on "altcoins" - smaller cryptocurrencies that have been launched in the wake of bitcoin's growth. They include Solana, Cardano and Polkadot - the fifth, sixth and ninth largest cryptocurrencies by market capitalisation.
Altcoins tend to rise and fall in tandem with bitcoin, and are often plagued by high volatility.
ETC Group listed cryptocurrency exchange-traded products (ETPs) in Paris, Amsterdam and London in June. Investment firm WisdomTree, meanwhile, also offers ETPs in countries including Germany and Switzerland.
(Reporting by Tom Wilson; Editing by Saikat Chatterjee)