With the US is waiting for a physical Bitcoin ETF, European investors now have a similar product, ETP; all thanks to Invesco.
A US investment firm, Invesco, with assets ranging from $1.3 trillion. The firm has shaken hands with crypto indices provider CoinShares, eyeing to launch the first European exchange-traded product (ETP) backed by the leading crypto Bitcoin.
There are some considerable similarities between ETP; Exchange-traded funds (ETF) as both of them track the doings and performance of the financial instrument used.
More importantly, the traditional investors, the backing by cryptocurrency offers great exposure to the crypto market without actually having to hold it. These Crypto-backed ETPs are gaining a lot of importance in Europe as well.
The Invesco Physical Bitcoin ETP (BTIC), listed on the Deutsche Börse Xetra, the german stock market; is completely backed by the holdings in the prime asset.
Invesco was among one of the earliest US firms to apply for a Bitcoin futures ETF in August; just after the Securities and Exchange Commission (SEC) chair, Gary Gensler indicated that it would prefer such products over physical Bitcoin ETF tied to the real asset. Although, the firm decided to retract the futures application in October.
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