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.
- 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.