First Bitcoin ETP on Deutsche Boerse’s Xetra to Provide Investors Another Way to Gain Exposure to BTC

2020-6-10 19:59

ETC Group has launched the first centrally cleared Bitcoin exchange-traded product (ETP) on Deutsche Boerse’s Xetra through white-label platform HANetf, reported ETC Group.

The BTCetc Bitcoin Exchange Traded Crypto (BTCE) will be launched later this month after it receives approval from the German financial regulator, BaFin. It will be passported to the UK, Italy, and Austria.

Back in March, BaFin announced that it is officially recognizing cryptocurrencies as financial instruments. Following this clarification, the agency also shut down the unauthorized Bitcoin ATMs.

The product BTCE tracks the price of the world’s leading digital currency and is 100% physically backed with a total expense ratio (TER) of 2%.

Trading Bitcoin through ETPs means the user won’t have to set up a wallet or manage the keys.

“The crypto sector has been held back by concerns about complexity, accessibility, and governance. With BTCE, we are transporting bitcoin into the fold of mainstream, regulated financial markets,” said Bradley Duke, CEO of ETC Group.

“Investors get the benefits of trading and owning bitcoin through a regulated security while having the optionality of redeeming bitcoin if they choose.”

This Bitcoin ETP however, isn’t the first one as there have been a number of ETF issuers, CoinShares, Amun, and WisdomTree which launched a Bitcoin ETP on the Swiss Exchange SIX last December.

In the US meanwhile, bitcoin ETFs are no way near their launch yet after the SEC rejected eight proposals.

According to Kristin Smith, executive director of the Blockchain Association, “bitcoin ETF is inevitable and that it would provide a well-regulated opportunity for a wider swath of investors to invest in cryptocurrencies.”

“As institutional interest grows, policymakers will have a harder time justifying their positions against a bitcoin ETF. Providing transparent, publicly available cryptocurrency investments is in the interest of the everyday investor, and it’s our view that key regulators will accede to that view sooner rather than later,” she said.

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