Monetary providers firm And many others Group on Tuesday launched its centrally-cleared ethereum exchange-traded product (ETP) on the Deutsche Borse’s Xetra market.
And many others Group Launches Ethereum Alternate-Traded Product
The itemizing follows the success of the agency’s bitcoin ETP, which was launched on the identical trade in June 2020. That bitcoin exchange-traded product now has $1 billion property beneath administration (AUM), it mentioned.
In a press launch, London-based And many others Group revealed that the ether exchange-traded product (major ticker: ZETH), tracks the value of ethereum (ETH) and is 100% bodily backed by the cryptocurrency.
ETPs permit traders to realize publicity to an asset, on this case ether, however with out having to purchase it instantly themselves.
Authorized by Bafin, the German monetary regulator, every unit of ZETH is backed by ethereum saved at custody providers supplier Bitgo Belief Firm, “giving the investor a declare on a predefined quantity of the underlying ETH,” mentioned the corporate.
‘Comparable Liquidity and Tight Spreads as And many others Group’s Bodily Bitcoin Product’
Securities brokers or banks assume custody of ZETH purchased via their desks on behalf of traders. With its new ethereum exchange-traded product, And many others Group is especially concentrating on institutional traders – who till now may need appeared to lean closely towards bitcoin.
“The itemizing on Xetra is particularly related for institutional traders as they’ll now get publicity to ether whereas buying and selling an institutional-grade product with comparable liquidity and tight spreads as And many others Group’s bodily bitcoin product,” it defined.
The ether ETP will likely be distributed and marketed on a platform operated by Hanetf, a European Union-approved personal issuer of exchange-traded funds. Final June, And many others Group listed its bitcoin ETP, or BTCE, on Xetra, changing into the “most traded product on the trade’s ETN section within the second half of 2020. BTCE can be listed and traded on Swiss trade SIX.
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