Biggest ETF Firm European Union Expands Into Crypto Products
The largest trader of exchange-traded funds (ETFs), is not expanding its European based company is now entering the world of cryptocurrency.
Speed trader and CEO of Flow Traders NV, Dennis Dijkstra recently reported to Bloomberg that his firm would be soon selling cryptocurrency products. The products will be mainly focused on exchange traded notes (ETNs) that are based on Ether and BTC.
The XBT Provider, out of Stockholm Sweden offers ETFs based on Ethereum and Bitcoin Tokens, has officially confirmed that Flow Traders NV has increased at a dramatic rate its securities trading over the previous few months.
According to Bloomberg, not like those in the United States – trades firms currently offering cryptocurrency possibilities, Flow Traders is the first one to release its buying and selling crypto notes listed on regulated stock exchanges.
During the interview, Dijkstra was heard to say:
“People underestimate crypto. It's big, and it is to be regulated very soon. The market participants are much more professional than people think. Institutional investors are interested — we know they are because we get requests.”
While the Dutch-based company is moving onward into cryptocurrency trading, the country’s regulators are wary of the move.
Nienke Torensma, main spokeswoman for the Netherlands based Authority of Financial Markets (AFM), also stated that the are somewhat discouraging to anyone attempting to take actions in both cryptocurrency that involve consumers and professionals with licenses.
“By virtue of its newness and the anonymity it potentially offers, it is very prone to abuse. Given its inability to serve the promised purpose as a currency, we don't regard it to be an asset class”
CoinDesk made a report in March that the finance minister of the country, Wopke Hoekstra, released a letter to Parliament in an attempt to urge a borderless approach to better regulate cryptocurrency.