Cryptocurrency platform Bitpanda has rolled out its first exchange-traded cryptocurrency note, CoinDesk reported.
Dubbed as the Bitpanda Bitcoin ETC, the note tracks the price of Bitcoin traded in euros. It is listed on Deutsche Boerse’s Xetra market and is the first in a number of crypto ETC products set to be launched next year.
The ETC is backed by Bitcoin, kept in cold storage with a regulated custodian. It is eyeing investors who are looking to diversify their portfolios and enter the cryptocurrency market.
Chief Executive Officer Eric Demuth said that offering the ETC with the euro as a base currency will give investors exposure to an alternative asset class that the firm believes is “ripe” for an opportunity in the prevailing environment.
Bitpanda was initially founded as a Bitcoin exchange in 2014 and has since expanded to stocks, precious metals, and exchange-traded funds. BTC is up 5.36%.