Second issuer to list Bitcoin Exchange Traded Product (ETP) on Deutsche Boerse has adopted the Coinbase Custody for its Bitcoin ETP. The exchange becomes the custodian of Europe’s first physically-backed Bitcoin ETP.
21Shares AG selected Coinbase Custody as the main store for its Bitcoin ETP. This Thursday, 21Shares Bitcoin ETP is to be listed on the Deutsche Börse’s Xetra electronic venue. Now, Coinbase Custody is going to offer storage for 21Shares AG Bitcoin ETP’s underlying assets.
Coinbase Custody is the largest digital assets custodian today. The custody solution offers a trailblazing institutional-standard offline storage solution that is laced with outstanding security.
Coinbase showed happiness for been selected as the custodian for the 21Shares Bitcoin ETP, Europe’s first physically-backed bitcoin ETP. The crypto exchange is collaborating with 21Shares to offer crypto investors the historic product in Europe.
21Shares first entered into the regulated markets by via the listing it got from European stock exchanges and the creation of the maiden institutional-grade crypto basket branded as HODL in November 2018.
Bitcoin ETP is gaining prominence across the world. Not long, a Bitcoin ETP by Wisdom Tree, one of United States’ largest ETP provider, was launched on SIX stock exchange. The Bitcoin ETP started as a rival to the Amun AG’s physically-backed bitcoin ETP on SIX.
Early June, ETC Group, a United Kingdom-based financial company said it would be listing a regulated bitcoin exchange. The Bitcoin ETPs are going to be redeemable in cash or Bitcoin cryptocurrency and are to be marketed and distributed by a European Union-regulated issuer of ETPs.
In another dimension, Germany’s Federal Financial Supervisory Authority (BaFin) regulated BTCE early this year. According to ETC Group, for every single unit of the ETP, there are BTC kept in an approved institutional-grade safe. The increasing acceptance of Bitcoin ETPs denotes that Bitcoin is gaining wide usage in the arena.