Cryptocurrency News

Popular Bitcoin ETP set to launch in UK

Cryptocurrency investment manager ETC Group is expanding its bitcoin (B T c) An exchange-traded product offering in the United Kingdom after using Swiss market rules to circumvent more stringent British regulations.

The ETC Group Physical Bitcoin ETP, which trades under the ticker symbol BTCE, will begin trading on the Aquis exchange in London and Paris on June 7, the company announced on Tuesday. Once launched, BTCE will become the first cryptocurrency ETP to trade in the United Kingdom.

ETC Group CEO Bradley Duke said the product was already being used by investors as an “effective hedge against inflation”. He Explained:

“ETC Group provides exposure to bitcoin, ether and litecoin through our 100% physically backed cryptocurrency ETP, and bringing our flagship bitcoin product to the Aquis exchange was a logical step given the institutional demand for exposure to crypto around the world. Grows in. “

Alasdair Haynes, CEO of Aquis Exchange, described cryptocurrency as a “real asset class” that offers investors more options for acquiring balanced portfolios. “Aquis has a history of innovation and is responding to customer demand for these assets in an agile manner allowing merchants to access them in a liquid, regulated environment,” he said.

since Launching Your Bitcoin ETP in Germany In June 2020, ETC Group The business The cryptocurrency, worth $5.4 billion, underscores the continued growth of digital-asset investment among institutions.

The advent of so-called smart money investors has put bitcoin and other digital currencies in the limelight. However, their participation in the market adds another layer of uncertainty to Bitcoin’s subsequent price target. As Cointelegraph recently reported, most of the recent BTC sales have taken place. Get into the hands of new market entrants.

Meanwhile, across the Atlantic, fund issuers are ready to persuade the United States Securities and Exchange Commission to finally approve a bitcoin exchange-traded fund. There are six high-profile funds Currently under review by the US securities regulator, With the first decision scheduled for later this month.