ETC Group launches Ether ETP on the German XETRA exchange
A partnership between ETC Group and HanETF is launching an Ether ETP. The product is primarily intended for institutional investors.
A partnership between ETC Group and HanETF is bringing an Ether ETP (ETHetc) to the German XETRA exchange. This is according to a press release that BTC-ECHO has received. This is a so-called Exchange Traded Crypto (ETC), i.e. the crypto derivative of a conventional Exchange Traded Product (ETP), which is „100 percent backed by physical ETH“. This is already the second listing of Crypto Egnine app that ETC Group has completed on the German stock exchange. Previously, the company launched the Bitcoin Exchange Traded Crypto (BTCetc), which has now broken through a trading volume (trading code: BTCE) of one billion US dollars.
The current ETHetc is regulated by BaFin and is primarily intended for institutional investors
Trading and custody are handled by the ETC Group, which charges a fee of 1.49 per cent. In Europe, HanETF is responsible for distribution. Bradley Duke, CEO of the ETC Group, was pleased with the launch:
By listing ZETH on XETRA, ETC Group has stayed true to the formula that led to success with BTCE. In designing the product, we focused primarily on investor safety, high liquidity and low spreads. Both private investors and institutional investors had asked us for a similar product for Ether after the success of BTCE. We are proud to respond with the world’s first centrally cleared Ether ETP and have more exciting products in the pipeline.
Bradley Duke, CEO of ETC Group
Hector McNeil, co-founder of HanETF, also praised the partnership. For him, the new product is the ideal address for institutional investors who have concerns about the traditional distribution infrastructures of crypto assets. ETC Group has shown that the company understands how to create such products. Proof of this is the growth of BTCE, which recently broke the $1 billion mark.