The world’s first ‘Bitcoin tracker’ to be traded on a regulated exchange has come in Stockholm as Finansinspektionen, Sweden’s financial watchdog, has authorized the local Bitcoin tracker XBT Provider for it. Earlier, the last month the company had asked for launching of the digital currency on the Nasdaq Stockholm exchange.
Talking about the announcement Alexander Marsh, Chief Executive Officer of XBT Provider said that the organization is proud to offer the world’s first ‘Bitcoin tracker’ to be traded on a regulated exchange. He further added that by enabling this easy and secure way to invest in Bitcoin it hopes to have eliminated the boundaries.
He says that when he talks about the boundaries, he is talking about the limitations that earlier prevented individuals and companies from being able to actively invest in what we believe to be the future of money. Nonetheless, just two weeks ago XBT Provider AB had announced the authorization of Bitcoin Tracker One.
This has been very quick as within two weeks Bitcoin Tracker One started trading on Nasdaq Stockholm. XBT Provider AB announced that NASDAQ OMX Stockholm has decided to officially list 1 Exchange Traded Note issued by XBT Provider AB with effect from 2015-05-18.
Bitcoin Tracker One is an Exchange Traded Note (ETN)
The company says that Bitcoin Tracker One being an “Exchange Traded Note” (ETN) has been designed to provide investors with convenient access to the returns of the underlying asset i.e. USD per BTC, less investor fees. Moreover, the average dollar exchange rate of Bitcoin from the exchanges Bitfinex, BitStamp and OKCoin provides the underlying reference price.
Coming from a public limited liability company formed in Sweden and incorporated under Swedish law, this is not just safe but comes with significantly great track record. The company is backed and guaranteed by Bitcoin mining hardware manufacturer and service provider KnCGroup.
Nonetheless, KnCGroup is a recognized group with more than $75 million in turnover in around eight months after its launch in June 2013. The company expects that young guys will probably buy the ETN the most as they have a lot of craze for it. However, even traditional investors may want to try their luck investing in something new.
Experts say that the ETN could become an attractive investment option for those traditional investors who want to speculate on the dollar exchange rate of Bitcoin with traditional investment vehicles.
To contact the reporter of this story: Deepak Tiwari at firstname.lastname@example.org