London Bank Kleinwort Hambros Launches Blockchain Exchange-Traded Note (ETN)


Kleinwort Hambros Launches Blockchain Exchange Note

If one needed any more proof of the growth of Cryptocurrency in the mainstream, you only need to look at the recent boom in services that cater to the new rush of institutional investors in the space. These invoices range from insurance for funds invested to crypto custodians. So far, this new class of Services only seem to be getting more prominent as the months go by.

One of the newest of these is an exchange traded note that has been launched by Kleinwort Hambros, a Societe Generale-owned private bank and wealth manager. The announcement of this was made on April 8, 2019, and it was specified that the companies that would be invested in would be those that would likely profit most from the growth of Blockchain.

Duly Noted

The notes in question will be diversified across 20 different stocks that will involve several industries including technology, shipping, oil and gas, custody and industrials. The new notes were developed thanks to a surge in investor interest in blockchain, says the company.

“We have seen increasing interest from clients in the area of blockchain and we are very excited to be able to cater to this demand with the launch of our first blockchain note,” said Kleinwort Hambros’ portfolio manager John Birdwood.

Exchange-traded notes are unsecured debt securities which are traded on an Exchange, in the same vein as exchange-traded funds, which have also gotten more attention in recent times. Perhaps the possible success of this venture could trickle down to other areas of crypto and show the potential of crypto ETF, especially in America.

At the same time, the new ETN is not yet widespread and will only be available to Kleinwort Hambros’s existing and new clients. Also, there is a minimum investment of $1,305 to begin.

A European Connection

It is interesting to note the varied attitudes towards crypto trading around the world. In places in Asia, crypto itself is banned and ICOs are restricted. At the same time, Europe has been particularly progressive in its promotion of blockchain and crypto activities.

European countries have some of the most comprehensive crypto tax codes anywhere and the French government just announced a grant of half a billion euros towards blockchain development.

Even in the case of a crypto ETF, the first ever one was launched in Europe, even as the United States lags behind in approving one.

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