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 Trade 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 buyers as an “efficient hedge towards inflation.” He explained:
“ETC Group gives publicity to bitcoin, ether, and litecoin by our 100% bodily backed cryptocurrency ETPs, and bringing our flagship bitcoin product to Aquis Trade was a logical step as institutional demand for publicity to crypto grows world wide.”
Alasdair Haynes, CEO of Aquis Trade, described cryptocurrency as a “bona fide asset class” that provides buyers extra choices for attaining a balanced portfolio. “Aquis has a historical past of innovation and is responding to consumer demand for these property in an agile manner 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 progress of digital-asset investing amongst establishments.
The arrival of so-called sensible cash buyers has catapulted Bitcoin and different digital currencies into the limelight. Nonetheless, their involvement available in the market 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 not too long ago has come at the hands of new market entrants.
In the meantime, throughout the Atlantic, fund issuers are lining as much as persuade the US Securities and Trade 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 determination scheduled for later this month.