XBT Provider AB Wants to Offer a Full Basket of Cryptocurrencies in New Exchange Traded Product Launch
XBT Provider AB Wants to Offer a New Basket of Digital Currencies
Despite the crash in the cryptocurrency market in the last months, XBT Provider AB is working in order to offer investors a basket of digital currencies. This company is known for creating the first exchange Bitcoin tracker in the world.
The firm aims to launch an exchange traded product that would be based on 5 to 10 different cryptocurrencies. As per the official plans, the intention is to do it before the end of the current year.
Laurent Kssis, the company’s chief executive officer, said that this is what the market is looking for.
“They are telling us ‘I’d like blended exposure to 5 or 10’ cryptocurrencies,” he said.
XBT has been offering exchange traded products since 2015 to different investors around the world. This helped customers to have exposure to the virtual currency market. However, since December 2017 until now, most of the virtual currencies lost more than 70% of their value. In some cases, the losses reach up to 96%.
The company is located in Stockholm and found a great interest in Sweden. This nordic country is one of the most advanced in terms of technology. Since a very long time, the society has moved towards cashless means of payments.
Kssis said about it:
“Sweden is very much ahead of the curve when it comes to cashless transaction, and there’s even talk of an e-krona. The investor base is very receptive to this.”
Sweden has been analyzing the possibility to launch a national cryptocurrency known as e-Krona powered by IOTA. According the Swedish central bank, Riksbank, the e-Krona could work as the country’s regular currency but for small transactions.
However, the U.S. Securities and Exchange Commission (SEC) has temporarily suspended trading in the company’s Bitcoin Tracker One and Ether Tracker One. The regulatory agency claims that investors are confused regarding these assets.
Kssis did not comment on the decision taken by the SEC. Nonetheless, the company released a statement on September 10 informing that the suspension is related only to trading in the United States. Moreover, they informed that this suspension does not apply to trading on the listing market, the Nasdaq Stockholm.
Even when most of the virtual currencies experienced heavy losses in the last months, the company wants to expand and add new products to attract more investors.
According to Ryan Radloff, chief executive officer of XBT owner CoinShares Holdings Ltd, the company wants to continue its expansion plan outside Sweden reaching markets such as Europe, the United States and Asia.
He further commented that there are other countries and jurisdictions calling to the company and asking how to deliver these assets to the market.
“We’re going to start seeing, over the next few years, the emergence and birth of security tokens. And you’ll see a whole onslaught of equities, debt, even currencies and other commodities being tokenized.”