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Physically-Backed Bitcoin ETC to Launch in Germany with Regulator Approval

Bitcoin is expected to land on Germany’s Deutsche Börse XETRA stock exchange in the form of a physically-backed ETC in the coming week.

According to German news outlet Handelsblatt, ETC Group will list the Bitcoin Exchange Traded Crypto (BTCE) on Deutsche Börse’s digital trading platform. Users from the UK, Italy, and Austria will also have access to the ETC when it goes live.

Physically Backed Bitcoin ETC Set to Launch
The Bitcoin ETC will launch with the full approval of Germany’s financial regulators and will be backed 100% by physical Bitcoins. Custodial services will be provided by US digital asset firm BitGo, and investors will be eligible to redeem their shares for either Bitcoin or physical cash.
The news comes less than three months after German financial regulators – BaFin – announced it now officially considers cryptocurrencies to be legitimate financial instruments. The Bitcoin ETC will be marketed and distributed via HANetf – a white label ETF issuer, which previously issued Europe’s first medicinal cannabis, and cloud computing ETFs.

Author: Greg Thomson Last Updated Jun 9, 2020 @ 19:34