In Brief:
- Nasdaq Stockholm announced the listing of 21Shares’ Bitcoin and Ethereum backed ETNs.
- ETNs provide more transparency to investors than conventional trading.
- ETNs will attract investors to invest in cryptocurrencies such as Bitcoin and Ethereum.
Swedish Stock exchange, Nasdaq Stockholm declares 21Shares has listed two physically backed exchange-traded notes (ETNs) on its trading platform. The new ETNs launch will create an opportunity to invest in Bitcoin and Ether.
The company has listed two products, which have Bitcoin and Ethereum respectively as underlying assets. The latest offerings represent a new segment for ETNs, which follows an underlying index of equities and trades for major exchanges.
The European head of exchange-traded at Nasdaq, Helena Wedin stated that the ETNs provide transparency to investors as its underlying assets are cryptocurrency. She further added, “we are happy to launch this new segment at Nasdaq Stockholm with 21Shares as the first issuer.”
“We are excited to become the first issuer of physically-backed crypto ETNs for Nasdaq Stockholm, one of the most tech-forward global exchanges,” said Hany Rashwan, CEO of 21Shares. “Our partnership is a strong endorsement of 21Shares’ mission to make cryptos more accessible in a simple and regulated manner.”
Gradually, ETNs are becoming the most favorable among the traders, who want to dive into the crypto exchange, but because of the absence of regulations, they fear investing.
Europe is becoming an attraction for many crypto exchange firms to offer their crypto-backed exchange-traded products. Recently, Europe has welcomed many ETF and ETN providers. Last week, Investment management firm Invesco listed Bitcoin ETP in Europe.
