Crypto Exchange Bitpanda Lists Bitcoin Exchange-Traded Note on Deutsche Boerse

Bitpanda, a cryptocurrency investment platform based in Vienna, has launched its first exchange-traded cryptocurrency note (ETC). The note will track the price of bitcoin and be traded in euros.

Cryptocurrency investment platform Bitpanda has listed its first exchange-traded cryptocurrency note on Deutsche Boerse.

The note, which will track the price of bitcoin and be traded in euros, is part of a broader push by crypto firms to launch new financial products.

Bitpanda, which has a valuation of $4.1 billion, said the Bitpanda Bitcoin ETC is now listed on Deutsche Boerse’s Xetra market. The company, which is set to launch more crypto ETC products in 2022, said the product is physically backed by bitcoin kept in cold storage with a regulated custodian.

The product is designed for investors looking to “diversify their portfolio and get access to the world of cryptocurrencies,” Bitpanda said.

This year has seen the introduction of physical cryptocurrency-backed exchange-traded products in many jurisdictions, although not yet in the U.S. Xetra has already hosted the introduction of products from 21 Shares, ETC Group and WisdomTree.

The launch of Bitpanda’s first ETC is the latest diversification move by the company, which was founded as a bitcoin exchange in 2014. The firm has since expanded beyond crypto to offer trading in stocks, precious metals and exchange-traded funds through a mobile app and has over 3 million users.

“Issuing an entirely EU [European Union]-based Bitcoin ETC with euro as base currency, we are able to offer exposure to an alternative asset class that we feel is ripe for opportunity in the present market environment,” CEO Eric Demuth said in a press release.

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