Cryptocurrency funding supervisor ETC Group is increasing its Bitcoin (BTC) exchange-traded product (ETP) 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 Aquis Alternate in London and Paris on June 7, the corporate introduced Tuesday. As soon as launched, BTCE will turn into 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 “efficient hedge in opposition to inflation.” He explained:
“ETC Group supplies publicity to bitcoin, ether, and litecoin by means of our 100% bodily backed cryptocurrency ETPs, and bringing our flagship bitcoin product to Aquis Alternate was a logical step as institutional demand for publicity to crypto grows all over the world.”
Alasdair Haynes, CEO of Aquis Alternate, described cryptocurrency as a “bona fide asset class” that provides traders extra choices for reaching a balanced portfolio. “Aquis has a historical past of innovation and is responding to consumer demand for these property in an agile means permitting merchants to entry them in a liquid, regulated setting,” he mentioned.
Since launching its Bitcoin ETP in Germany in June 2020, ETC Group has traded $5.4 billion price of cryptocurrencies, underscoring the continued development of digital-asset investing amongst establishments.
The arrival of so-called good cash traders has catapulted Bitcoin and different digital currencies into the limelight. Nevertheless, their involvement out there has added one other layer of uncertainty to Bitcoin’s post-halving worth targets. As Cointelegraph not too long ago reported, a lot of the promoting happening in BTC markets not too long ago has come at the hands of new entrants.
In the meantime, throughout the Atlantic, fund issuers are lining as much as persuade the US Securities and Alternate Fee to lastly approve a Bitcoin exchange-traded fund. Six high-profile funds are currently under review by the U.S. securities regulator, with the primary choice scheduled for later this month.