Bitpanda, one of the leading cryptocurrency investment platforms based in Vienna has launched its brand new exchange-traded cryptocurrency note (ETC). This ETC note tracks the price of bitcoin and additionally trade in euros.
The giant fintech company which acquired a valuation of $4.1 billion in 2021 intends to add more crypto ETC products in 2022. Bitpanda’s move to list ETC note on Deutsche Boerse’s Xetra market adds to the number of crypto products in 2022. Investors in the Bitcoin world have welcomed this news rather well.
ETC gets a regulated custodian
The Bitpanda Bitcoin ETC is physically backed by bitcoin that is secured in cold storage with a regulated custodian. ETC note makes the life of investors easier. with the launch of ETC, investors don’t need to manage private keys or even open account with Bitpanda. This product targets investors looking to ”diversify their portfolio and get access to the world of cryptocurrencies,” said Bitpanda.
Bitpanda joins the league of several companies that introduced physical cryptocurrency-backed exchange-traded products. Bitpanda has expanded its company from being only a bitcoin exchange company as it was in 2014, its founding year. Germany’s leading trading technology platform also hosted the introduction of products from 21 shares, ETC Group and WisdomTree.
Bitpanda’s growing trajectory
Bitpanda has expanded numerously since 2014 beyond being a cryptocurrency platform. Bitcoin has stretched its frontiers to offer trading in stocks, precious metals and exchange-traded funds (ETF) through a mobile app. Bitpanda currently holds more than 3 million successful users of its mobile app.
“Issuing an entirely EU [European Union] based Bitcoin ETC with Euro as the base currency, we are able to offer exposure to an alternative asset class that we feel is ripe for opportunity in the current market environment,” said CEO Eric Demuth speaking on behalf of the announcement in a press release.