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Crypto Exchange Bitpanda Lists Bitcoin Exchange-Traded Note on Deutsche Boerse
The note is physically backed by bitcoin kept in cold storage and will trade in euros.
Bitpanda, a cryptocurrency investment platform based in Vienna, has launched its first exchange-traded cryptocurrency note (ETC). The note will track the price of bitcoin and be traded in euros.
- Bitpanda, which has a valuation of $4.1 billion, said the Bitpanda Bitcoin ETC is listed on Deutsche Boerse’s Xetra market. It plans to add more crypto ETC products in 2022.
- The Bitpanda Bitcoin ETC is physically backed by bitcoin kept in cold storage with a regulated custodian. The product is targeting investors looking to “diversify their portfolio and get access to the world of cryptocurrencies,” Bitpanda said.
- This year has been characterized by the introduction of physical cryptocurrency-backed exchange-traded products in many jurisdictions, though not in the U.S. Xetra has hosted the introduction of products from 21 Shares, ETC Group and WisdomTree.
- Bitpanda’s first ETC is another diversification move for the company founded as a bitcoin exchange in 2014. It has since expanded beyond crypto to offer trading in stocks, precious metals and exchange-traded funds (ETFs) through a mobile app. It has more than 3 million users.
- “Issuing an entirely EU [European Union] based Bitcoin ETC with euro as base currency, we are able to offer exposure to an alternative asset class that we feel is ripe for opportunity in the current market environment,” CEO Eric Demuth said in a press release.
Read more: Crypto Exchange Bitpanda Raises $263M at $4.1B Valuation
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Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
