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.
- 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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
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.