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ETC Group to List First Bitcoin ETP in London on the Aquis Exchange
This is the first cryptocurrency ETP to be made available for trading on the U.K. market.
ETC Group is launching the first bitcoin exchange-traded product (ETP) in the U.K. on the Aquis Exchange Multilateral Trading Facility (MTF) in London on June 7.
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- In an announcement Monday, ETC Group said this is the first time a cryptocurrency ETP will be made available for trading on the U.K. market or any European MTF.
- Trading of the ETP will take place in four different currencies, GBP, CHF, euro, and U.S. dollar. The clearing will be carried out by Switzerland-based central counterparty clearing house SIX x-clear.
- So far, the U.K. has been taking a cautious approach to approving crypto products. In January the Financial Conduct Authority banned the sale of derivatives and exchange-traded notes describing the products to be ill-suited for retail consumers due to the potential harm they pose.
- Earlier today ETC Group listed two exchange-traded commodities, the BTCetc – ETC Group Physical Bitcoin and the ETHetc – ETC Group Physical Ethereum on the Euronext stock exchanges in Paris and Amsterdam.
- The firm said it has seen investors include exposure to crypto ETPs in their portfolios as a hedge against inflation.
- “ETC Group provides exposure to bitcoin, ether, and litecoin through our 100% physically backed cryptocurrency ETPs, and bringing our flagship bitcoin product to Aquis Exchange was a logical step as institutional demand for exposure to crypto grows around the world,” said Bradley Duke, CEO of ETC Group.
Read more: Team Behind Argo Blockchain Launches London-Listed DeFi Fund
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.
