London-based ETC Group plans to list a Bitcoin ETP in Xetra, Deutsche Börse's electronic trading market, later this month.
According to a press release shared yesterday, the ETP, dubbed BTCE (Bitcoin Exchange Traded Crypto), is 100% physically backed and will be distributed and traded using HANetf's issuance business once it has received approval from the country's regulators.
The BTCE tracks the price of Bitcoin. The Bitcoin that backs this asset will be stored in a cold wallet by the digital asset custodian BitGo.
ETC Group CEO Bradley Duke said:
"The crypto sector has been held back by concerns about complexity, accessibility and governance. With BTCE, we are transporting Bitcoin into the fold of mainstream, regulated financial markets. Investors get the benefits of trading and owning Bitcoin through a regulated security while having the optionality of redeeming Bitcoin if they choose."
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