Cryptocurrency
Deutsche Borse Exchange to List New Bitcoin Exchange-Traded Product
As reported at Coindesk, “London-based investment firm ETC Group plans to list a bitcoin-backed security on the German electronic trading market later this month. “The firm announced Tuesday the exchange-traded product (ETP), called the Bitcoin Exchange Traded Crypto (BTCE), is the world’s first centrally cleared derivative crypto asset, and would be listed on Deutsche Borse’s […]
As reported at Coindesk, “London-based investment firm ETC Group plans to list a bitcoin-backed security on the German electronic trading market later this month.
“The firm announced Tuesday the exchange-traded product (ETP), called the Bitcoin Exchange Traded Crypto (BTCE), is the world’s first centrally cleared derivative crypto asset, and would be listed on Deutsche Borse’s Xetra market based in Frankfurt, Germany.
“Central clearing is a tool used in the European derivatives market to bolster stability by ensuring a financial institution takes on counterparty credit-risk. The crypto security is also backed by bitcoin, with each share giving the holder a claim to a specific amount of the cryptocurrency. According to the company, the physical bitcoin would be stored in a cold vault, meaning one not connected to the internet, operated by Palo Alto, Calif.-based custodian BitGo…”