WisdomTree’s newly launched physically-backed Bitcoin Exchange Traded Product (ETP) has been listed on Switzerland’s SIX stock exchange, the company announced in a press release on 3 December.
According to the announcement, the new ETP is aimed at professional and institutional investors, providing them with exposure to Bitcoin without the need of private keys and understanding of blockchain financial infrastructure.
Trading under the BTCW ticker symbol, WisdomTree’s ETP is already live on SIX’s platform.
The company’s CEO, Jonathan Steinber, said in the press release:
“Much like how the ETP structure has out-shined the antiquated mutual fund structure in significant ways, blockchain and cryptocurrencies have the potential to change how investors participate in financial markets, globally.”
The new ETP is physically-backed by Bitcoin, with online Swiss bank Swissquote playing the role of a custody partner for the product. Just like with gold-backed ETP’s, investors in the Bitcoin product will have an entitlement to the cryptocurrency underlying it.
WisdomTree’s Head of Europe, Alexis Marionof, said:
“We have been monitoring cryptocurrencies for some time and are excited to bring investors secure access to this developing asset class. We have seen enough to believe that digital assets, like Bitcoin, are not a passing trend and can play a role in portfolios.”
Meanwhile, the SIX stock exchange has been testing blockchain integration for the upcoming release of its parallel digital asset trading platform, the Six Digital Exchange (SDX). The full launch of the platform is expected to be sometime in the fourth quarter of 2020.