Crypto Currency News

Trending News

Bitcoin
$70,422.40
+730.7
Ethereum
$3,561.08
+46.72
Litecoin
$94.47
-0.98
DigitalCash
$38.52
+0.81
Monero
$136.82
-0.5
Nxt
$0.00
-0
Ethereum Classic
$32.34
+0.25
Dogecoin
$0.22
+0.02

EQONEX Launches Physically Backed Bitcoin ETN In Germany – Bitcoin Magazine

  • EQONEX Limited launched a physically backed bitcoin ETN for German investors.
  • Physical bitcoin will be custodied by Digivault in a segregated account.
  • The company intends to build out more investor products to be offered internationally.

German financial services company EQONEX Limited (NASDAQ: EQOS) has launched its first investor product with a new physically backed exchange-traded note (ETN) on the Deutsche Börse XETRA Exchange, according to a press release.

The EQONEX Bitcoin ETN allows German investors to use standard brokerage services to trade back and forth between the asset while also allowing investors the opportunity to redeem actual bitcoin for free with a Digivault custody account. Digivault is a Financial Conduct Authority (FCA) registered custody provider for digital assets and is one of only 35 total entities that currently hold this accreditation.

While these services will launch specifically for German markets, EQONEX intends to build out a more robust set of offerings for the international stage.

“Germany makes an ideal, strategic launchpad for our Investment Products business, given its sophisticated and highly educated investment community. We see the German market as fertile ground for what is likely to be a growing suite of EQONEX exchange-traded products,” EQONEX CEO Jonathan Farnell said.

Frank Copplestone, EQONEX head of investment products, echoed Farnell’s sentiment when he said:

“The launch of our Investment Product business is an important milestone for the company as we dedicate more attention and focus towards delivering a broader mix of investment opportunities to our clients across Germany and in time to other international markets.”

Furthermore, EQONEX seeks to ensure that its investors will have an additional level of security through its custodial provider, Digivault, as the company will hold the aforementioned physical bitcoin in a segregated account which guarantees the bitcoin cannot be rehypothecated. In addition, EQONEX worked with on-chain analysis company Chainalysis to ensure the bitcoin they have custodied has not encountered money laundering or criminal activity.

Comments are closed.