BTCetc Bitcoin Exchange Traded Crypto (BTCE) has been the most traded non-leveraged product on Deutsche Boerse’s exchange traded notes (ETNs) segment since its June launch.
BTCE, which is a collaboration between ETC Group and HANetf, has reached US$49mln in assets in two months, with US$67mln of trading across all available German trading venues over the period.
Physically backed by bitcoin, BTCE was the first cryptocurrency product to launch on XETRA and the first central-counterparty-cleared crypto instrument anywhere in the world, which is designed to reduce counterparty risk.
HANetf director Andre Voinea said: “BTCE has been popular with both experienced crypto traders who appreciated the additional levels of safety and security that BTCE provides, as well as attracting an entirely new community of investors who value its familiar exchange-traded and centrally cleared characteristics.
“The calibre of the authorized participants that support liquidity in BTCE shows how Bitcoin has matured to become a significant and serious institutional asset.
“By centralizing previously fragmented bitcoin liquidity on XETRA, we are bringing a time-tested product structure to a new asset class along with the same regulatory protections of buying any other listed security.
“With many investors concerned about looming inflation, bitcoin has risen in popularity and we expect even further growth in BTCE over the course of 2020.”