Cryptocurrency ETNs Launch in Germany
For the first time in Germany, investors can now buy and sell exchange-traded notes (ETNs) based on the cryptocurrencies Litecoin and Ripple (XRP). The four securities issued by XBT Provider in Sweden track the price of the two cryptocurrencies in relation to the euro and the Swedish krona.
‘There is a lot of interest in cryptocurrencies. These ETNs will allow investors in Germany to track future price developments of the two cryptocurrencies Litecoin and Ripple (XRP) through exchange-traded securities for the first time,’ explains Jürgen Dietrich, Director Blue Chips & Funds Trading at Boerse Stuttgart.
As all other exchange-traded products, these crypto ETNs can be traded at Boerse Stuttgart between 8:00 and 22:00 hours CET. Since the beginning of April, the products have already been tradable in Sweden at the NGM exchange, which is a subsidiary of Boerse Stuttgart.
Source: Boerse Stuttgart
Can its backers launch the cryptocurrency before central bankers, regulators, and legislators catch up?
Aim is to support innovation that will benefit consumers.
USC envisages being 100% backed by fiat currency held at the respective central bank.
Novelty, politics, and rapid evolution will preclude meaningful harmonization.
Many of the regulatory issues are common to traditional securities trading venues.