German Startup Plans to Launch Bitcoin ETN on Frankfurt, Luxembourg Stock Exchanges
Scheduled to take place on Dec. 2, Iconic, a German startup, wants to integrate cryptocurrency into the stock market through the listing of their bitcoin derivative with regulated trading on the Frankfurt and Luxembourg Stock Exchanges.
As reported by Handelsblatt on Oct. 29, the startup had already submitted the prospectus of their financial products. The bitcoin derivative exchange-traded note (ETN) will acquire a regular ISIN number and can stand as a viable investment alternative for those interested in Bitcoin. Patrick Lowry, CEO of Iconic said:
"Financial institutions and investors have been asking for an easy way to invest in Bitcoin and other crypto-assets for many years. So far, they have not had an institutional product to do that. Iconic has now developed a similar investment product in Europe and is pleased to be able to offer it on regulated marketplaces in Luxembourg and Frankfurt."
Lowry also noted that the NYXBT index, the Bitcoin index of the New York Stock Exchange (NYSE) is what underlies the Iconic ETN.
This development in the view of Philipp Sandner, Head of the Blockchain Center of the Frankfurt School of Finance and Management, is quite auspicious as the German startup has succeeded where US providers keep falling. He added:
"Iconic has convinced both regulators and Deutsche Börse. The listing of their Bitcoin product on the Frankfurt Stock Exchange is a remarkable step. The German company has managed what US providers are still failing. A true Bitcoin ETF Europe is thus a significant step closer."
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