Swiss Stock Exchange, SIX, Adds A New Bitcoin ETP (BTCE) From Issuer ETC Group
SIX Swiss Exchange, one of the leading marketplaces for crypto products, has welcomed a new Bitcoin exchange-traded product (ETP) provider known as the ETC Group. According to the official announcement, ETC Group will join 5 other ETP providers, scaling the number of listed ETP's to 34.
The new Bitcoin ETP goes by the ticker ‘BTCE’ and tracking Bitcoin’s price BTC -1.66% Bitcoin / USD BTCUSD $ 50,008.46
-$830.14-1.66% Volume 59.11 b Change -$830.14 Open $50,008.46 Circulating 18.64 m Market Cap 932.06 b 10 h Users Asked to Return Bitcoin Purchased After Glitch Drops The Price to $6,000 On This Exchange 10 h Michael Saylor Forecasts Bitcoin's Market Cap Hitting $100 Trillion 11 h Bitcoin is the 'Best Hedge' Against Wealth Confiscation, Especially Inflation: Ark Investment CEO to inform its performance. Basically, this crypto-oriented product gives exposure to Bitcoin while operating under the regulated SIX exchange marketplace. The ETP is available in GBP, CHF, and USD trading pairs.
Given that the ETP tracks Bitcoin, ETC Group has 100% physically backed the BTCE ETP; in simple terms, the Group owns Bitcoin as the underlying asset to this particular crypto product. Investors can, therefore, participate in the crypto markets by tracking the price of BTC, which is reflective of the ETP performance.
SIX Swiss Exchange head of markets, Christian Reuss, said the milestone would further expose investors to more crypto products,
“We welcome ETC Group to the family of ETP providers offering their products at SIX. With the new product, investors gain access to 100 different crypto products trading on our platform and with this have even more opportunities to diversify their portfolio.”
The exchange also reported that it broke the billion-dollar barrier in crypto products trading turnover to CHF 1 billion in 2020. This figure has increased by over 100% compared to 2017’s turnover, around CHF 525 million; crypto-related trades broke previous records to hit 48,024.
Meanwhile, ETC Group who is the provider of the newly listed Bitcoin ETP, has experience in the innovation of digital asset-backed securities; the firm enjoys backing from heavyweight London-based institutions such as XTX Ventures and ITI Capital.