Exchange-Traded Bitcoin Vehicle Announces Cold Storage Deal

XBT Provider, a Swedish bitcoin investment company, has announced a new partnership with cryptocurrency storage startup Xapo.

AccessTimeIconJun 16, 2017 at 11:01 a.m. UTC
Updated Sep 11, 2021 at 1:27 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

XBT Provider, a Swedish bitcoin investment company based in Stockholm, has announced a new partnership with cryptocurrency storage startup Xapo.

Bitcoin held offline in 'cold storage' on behalf of investors in XBT's exchange-traded bitcoin note (ETN), which is available on the Nasdaq Stockholm exchange, will now be secured by the Switzerland-based company.

Products like XBT's provide a way for investors to gain exposure to bitcoin markets without having to purchase or hold the digital currency itself. The provider keeps the lion's share of its coins in cold storage, though smaller amounts may be kept either on an exchange or in a multi-signature 'hot wallet', per the company's safety policy.

Wences Casares, Xapo's CEO, said in a statement:

"The team of professionals at XBT Provider has deep expertise in digital currency and extensive experience in financial services. We are excited to partner with them as they make bitcoin broadly available to investors outside of the US."

The partnership comes more than a year after Swedish regulators first approved the ETN for launch. Last month, the firm revealed that it was working with one of the more notable asset managers, Hargreaves Lansdown, to provide access to local investors.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Xapo.

Lock image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.