Cryptocurrency funding supervisor ETC Group is increasing its Bitcoin (BTC) exchange-traded product providing in the UK after harnessing Swiss market guidelines to bypass extra stringent British laws.
The ETC Group Bodily Bitcoin ETP, which trades underneath the ticker image BTCE, will start buying and selling on the Aquis Change in London and Paris on June 7, the corporate introduced Tuesday. As soon as launched, BTCE will turn out to be the primary cryptocurrency ETP to commerce in the UK.
Bradley Duke, CEO of ETC Group, mentioned the product is already being utilized by traders as an “effective hedge against inflation.” He defined:
“ETC Group provides exposure to bitcoin, ether, and litecoin through our 100% physically backed cryptocurrency ETPs, and bringing our flagship bitcoin product to Aquis Exchange was a logical step as institutional demand for exposure to crypto grows around the world.”
Alasdair Haynes, CEO of Aquis Change, described cryptocurrency as a “bona fide asset class” that provides traders extra choices for reaching a balanced portfolio. “Aquis has a history of innovation and is responding to client demand for these assets in an agile way allowing traders to access them in a liquid, regulated environment,” he mentioned.
Since launching its Bitcoin ETP in Germany in June 2020, ETC Group has traded $5.4 billion value of cryptocurrencies, underscoring the continued progress of digital-asset investing amongst establishments.
The arrival of so-called good cash traders has catapulted Bitcoin and different digital currencies into the limelight. Nonetheless, their involvement in the market has added one other layer of uncertainty to Bitcoin’s post-halving value targets. As Cointelegraph not too long ago reported, a lot of the promoting happening in BTC not too long ago has come by the hands of latest market entrants.
In the meantime, throughout the Atlantic, fund issuers are lining up to persuade the US Securities and Change Fee to lastly approve a Bitcoin exchange-traded fund. Six high-profile funds are presently underneath evaluation by the U.S. securities regulator, with the primary choice scheduled for later this month.