Exchanges

ETC Group Joins SIX to Difficulty Bitcoin ETP

Picture: FM

SIX introduced right now that it has welcomed the London-based monetary companies firm, ETC Group to record a Bitcoin exchange-traded product (ETP) with a major ticker image of BTCE. The buying and selling product is obtainable in three completely different currencies together with the USD, CHF and GBP.

In line with the official announcement, the newly launched buying and selling product (BTCE) tracks the worth of Bitcoin and is 100% bodily backed. The addition of ETC Group takes the whole variety of ETP suppliers on the Swiss Inventory Change to six. The trade now affords a complete of 34 ETPs.

Commenting on the current addition, Christian Reuss, Head of SIX Swiss Change, stated: “We welcome ETC Group to the household of ETP suppliers providing their merchandise at SIX. With the brand new product, traders acquire entry to 100 completely different crypto merchandise buying and selling on our platform and with this have much more alternatives to diversify their portfolio.”

Rising Demand for Bitcoin and Crypto Merchandise

Moreover, the trade highlighted report buying and selling turnover in crypto merchandise on account of robust demand from traders. The whole variety of Bitcoin and crypto-related trades on the trade reached an all-time excessive of 48,024 this yr. In 2020, the buying and selling turnover in crypto merchandise reached CHF 1.1 billion, crossing the barrier of CHF 1 billion for the primary time. In comparison with 2017, crypto buying and selling turnover on the trade jumped greater than 100%.

“The Swiss Inventory Change has registered a break of the CHF 1 billion barrier in buying and selling turnover in crypto merchandise for the primary time with CHF 1.1 billion in 2020, which surpassed the report CHF 525 million from 2017 by 112%; the variety of trades reached a brand new report of 48,024. ETC Group lists a Bitcoin ETP, taking the variety of ETP suppliers to 6 and the variety of ETPs to 34, additional strengthening the place of the Swiss Inventory Change because the world’s main market for regulated crypto merchandise,” the official announcement by SIX states.

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