Cryptocurrency ETP provider 21Shares, formerly known as Amun, has launched the world’s first three sterling-hedged cryptocurrency exchange-traded products (ETPs).
The 21Shares Bitcoin (ABTC), the 21Shares Ethereum (AETH), the 21Shares Crypto Basket index ETP (HODL) will be hedged into sterling and listed on the SIX Swiss Exchange on 30 June.
The launches come following demand from UK investors for a local currency listing.
The firm said this removes the cost of high FX conversions as well as access restriction limitations where brokers cannot settle in foreign currency for local clients.
Laurent Kssis (pictured), managing director at 21Shares who joined last October, commented: “Expanding market participation is one of our core focuses.
“As we already list our crypto ETPs in US dollar, Swiss francs and euros, it was only natural to add sterling.
“This opens up our institutional-grade crypto ETPs to all UK investors with access and connectivity to the SIX Swiss Exchange.”
Charlie Morris, Chairman of UK-based Bytetree, added: “We are excited by the news of sterling-listing crypto ETPs.
“This will give UK clients more choice by which they can access this emerging asset class with the reassurance of doing so via a regulated European exchange, which is a key factor raised by many institutional investors like us!”
Investing in cryptocurrencies through ETPs versus other structures means investors are fully collateralised, quoted by independent market makers and offer the creation-redemption mechanism which makes them suited to larger ticket sizes while removing price premiums.
In November 2018, 21Shares launched the world’s first listed cryptocurrency ETP, HODL, on the SIX Swiss Exchange. Since then, the issuer has launched a number of crypto ETPs including bitcoin, ripple and ethereum products.
The launches come three months after the firm completed the rebrand of its company name from Amun to 21Shares.
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