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ETC Group, an investment firm based out of London, is mulling over listing a BTC-backed trading product on the German electronic trading market in the latter half of this month.
Recently, the firm declared the planned listing of an exchange-traded product, dubbed Bitcoin Exchange Traded Crypto (BTCE). As per the firm, it is the world’s foremost centrally cleared derivative digital asset, and would be listed on Deutsche Borse’s Xetra market, which is based in Germany.
The CEO of ETC Group, Bradley Duke mentioned in a recent press statement,
“Investors get the benefit of trading and owning bitcoin through a regulated security, while having the option to redeem bitcoin if they choose.”
ETC further mentioned,
“It really is a hybrid ETP product that has the same features as an ETF (exchange-traded product). Because it’s a single asset instrument it doesn’t qualify to be an ETF according to the European fund regime.”
It is to be noted that the bitcoin-backed product will be accessible in Germany as well as Italy, UK, and Austria. This signifies that the users in the aforementioned nations will be able to hold as well as trade the BTCE shares.
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