Today, VanEck Europe, a branch of the major US asset manager headquartered in the United States VanEcklaunched its Crypto Exchange Traded Note (ETN), which can be traded via Deutsche Börse XetraThe target group are investors in Germany, the Netherlands and Great Britain.
In the UK, however, the company is only aimed at professional investors, like in the UK Financial Conduct Authority banned the sale of derivatives and ETNs that route certain types of cryptoassets to retail customers.
The company said the VanEck Vectors Bitcoin ETN is a fully secured exchange traded debt, meaning that “every euro invested will be used to buy bitcoin” and the cryptocurrency will be held by a “regulated custodian with crypto insurance.” Bank Frick & Co. AG.
“The performance of the ETN is directly related to the price of Bitcoin. The product corresponds to the price and earnings performance of the MVIS CryptoCompare Bitcoin VWAP Close Index,” said VanEck.
Deutsche Börse claims to be the first trading platform worldwide to offer centrally processed trading in crypto ETNs. Their first Bitcoin ETN was launched this summer.
“With a daily sales volume of currently around 10 million euros, Xetra has achieved a leading role in trading Bitcoin ETNs in Europe within a few months,” they claim.
Gabor Gurbacs, digital asset strategist and director at VanEck, said the company hopes “to serve many in Europe and Asia”.
@IamNomad @vaneck_eu Yup. Well remember the convo. It takes time to get these things done. More work than doors … https://t.co/MkBFgdwLIO
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