CoinShares Releases A Bitcoin ETP On The SIX Swiss Exchange

The investment company that specializes in digital assets Coinshares releases a Bitcoin ETP or an exchange-traded product on the SIX Swiss exchange according to a report that we have in our latest BTC news.

Coinshares releases a new product on the exchange and Koimanu which is an institutional custody company will be the custodian of the ETP, costing investors 0.98% of their holdings in fees. A Bitcoin ETP is basically security that tracks the value of the cryptocurrency and they are much similar to stocks as they trade on traditional exchanges and have opening and closing bells. On the crypto exchanges is different as they work 24/7. Exchange-traded funds are only one type of ETP.

CoinShares already has a separate group of ETPs via the XBT provider that operates as its subsidiary. XBT provider’s Ether tracker one and BTC tracker one are listed on the Stockholm Nasdaq exchange. The XBT provider reported $2.9 billion of assets under management since the year started. The Swiss-based ETP will start off with $200 million in assets under management according to the chief strategy officer of the platform Meltem Demirors.

massive congrats to our team @CoinSharesCo – starting 2021 off with a 🧨 bang 🧨

our newest exchange traded product (ETP) line launches tomorrow w $200M in AUM

thanks @VildanaHajric for covering the storyhttps://t.co/XoLSLmZVCW

— Meltem Demirors (@Melt_Dem) January 18, 2021

They are hoping that this figure will grow once the bitcoin price rises. The price of BTC is up by 13% over the week and doubled in the past two months to $40,000 but is now resting above $36,000.

As we reported previously, The CSO of Coinshares believes that PayPal could issue their own cryptocurrency soon because the company already endorsed in crypto by providing support for Bitcoin. Meltem Demirors said that she will not be surprised if that happens as the company announced its soon-to-come support for crypto. In an interview with CNBC’s “Fast Money” Demirors claimed that PayPal’s supporting of crypto could become a basis for launching its own token:

 “I wouldn’t be surprised if, in the next six to 12 months, we see PayPal launching its own digital currency similar to a digital dollar that we see in many payments companies.”

Demirors said that PayPal could be interested in launching its own token as the company left the Libra Association which as the governing body of Facebook’s Libra digital crypto project. A member of the association of the project’s launch in June 2019, PayPal left the initiative a few months later because they didn’t want the regulatory scrutiny over libra to get in their business ways.