The NASDAQ-listed asset management company WisdomTree and online Swiss bank Swissquote Group Holding SA (SWX:SQN) have just announced that they have launched an Exchange Traded Product (ETP) investing in Bitcoin on the Swiss stock exchange SIX. The product is physically backed by Bitcoin.
The product is immediately tradable at SIX for professional investors in USD (ticker: BTWC) and is backed one-to-one by reserves and fully collateralised by Bitcoin.
Swissquote stores the underlying Bitcoin assets offline on its secure cold storage technology in Switzerland. Investors can thus invest in Bitcoin via a traditional financial product, with a high degree of assurance in terms of security.
Paolo Buzzi, CTO of Swissquote, commented:
We are very pleased about this partnership with WisdomTree, one of the world’s largest issuers of ETPs and ETFs. With this product, investors have an easy and cost-efficient access to the Bitcoin market with highly secure, best-in-class custody and a robust physically-backed ETP structure. Furthermore, with this collaboration we are expanding our market leadership in the institutional crypto business.
Alexis Marinof, Head of Europe of Wisdom Tree, added:
The WisdomTree Bitcoin ETP provides investors with a simple, secure, physically backed and cost-efficient way to gain exposure to Bitcoin while being traded and settled through traditional financial infrastructure.
The WisdomTree Bitcoin ETP taps into WisdomTree’s tradition of innovation and leverages WisdomTree’s deep expertise in physically-backed ETPs. We are pleased to partner with Swissquote as a custodian charged with the safekeeping of the digital assets backing WisdomTree’s ETP. Swissquote has an established track record of innovation together with strict security, risk and governance standards of a regulated Swiss bank.
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