10 June, 2020 | AtoZ Markets – Xetra, a stock exchange based in Germany, will list an exchange-traded product (ETP) called Bitcoin Exchange Traded Crypto (BTCE). Currently, it is in the process of getting approval from the German regulator. However, German regulator, BaFin classified digital assets and crypto as financial instruments.
BTCE tracks Bitcoin price. It will be stored in custodian BitGo. It also has a total expense rate (TER) of 2%. ETC Group CEO Bradley Duke said, “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. Investors get the benefits of trading and owning Bitcoin through regulated security while having the optionality of redeeming Bitcoin if they choose.”
Trading BTCE eliminates crypto-related technical challenges such as wallet setup and blockchain technology. Besides, traders in the UK, Italy and Austria will be able to trade BTCE.
ETC Group Will Distribute BTCE on HANetf
ETC has chosen HANetf, a white-label ETF platform, to sell and market this investment product. HANetf, known for issuing cloud computing and medical cannabis ETFs on European exchanges, has also entered into crypto. Hector McNeil, co-Founder and co-CEO at HANetf, said:
“Yet again, HANetf is acting as a force for innovation, demonstrating the power of our white label ETF model to break down the barriers to entry to this market. Investors truly want value-added products, and HANetf’s unique multi-manager platform delivers this – as the launch of BTCE proves."
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