The Swedish company XBT Provider AB announces plans to launch new exchange-traded products which are based on up to 10 cryptocurrencies before year’s end. The news comes soon after the U.S. Securities and Exchange Commission temporarily halted the company’s Bitcoin exchange-traded note.
A ‘Basket’ of Cryptocurrencies
The Stockholm-based XBT Provider AB plans to launch an exchange-traded product which is based on a “basket” of cryptocurrencies, according to Bloomberg.
The company, which has provided exchange-traded products since 2015, says that this is what the “market is looking for.” Speaking on the matter, their CEO, Laurent Kssis, said:
They are telling us ‘I’d just like blended exposure to 5 or 10’ cryptocurrencies.
Kssis also touched on the fact that Sweden is very receptive to cashless transactions and that it’s already ahead of the trend, saying:
Sweden is very much ahead of the curve when it comes to cashless transaction, and there’s even talk of an e-krona. The investor base is very receptive to this.
Reportedly, the company will be launching the product by the end of the year. While the initial plans are to launch it on their home listing market, NASDAQ Stockholm, Ryan Radloff, chief of CoinShares Holdings LTD, owner of XBT Provider AB, outlined the expansion plans, stating:
Other exchanges and jurisdictions are now calling us, wanting our knowledge and know-how to bring these assets to the market. […] So we’re evaluating other markets right now.
Interestingly enough, the move from XBT Provider AB comes soon after the U.S. SEC temporarily halted the trading of its Bitcoin exchange-traded note Tracker One (CXBTF).
While the company’s CEO declined to comment on the matter, Ryan Radloff outlined that the suspension “relates only to trading in the United States, does not apply to trading on the listing market – Nasdaq Stockholm, and does not relate to any action taken or failed to be taken by XBT Provider AB.”
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