Neobroker Bitpanda Launches Bitcoin-backed ETN

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Austrian investment group Bitpanda has launched its first “exchange-traded cryptocurrency,” according to a statement.

The product – an exchange-traded note (ETN) – will track the price of bitcoin. It will be accessible through brokers and platforms like ING and Postbank, and will be denominated in euros, meaning investors won’t need to manage private keys or open an account with Bitpanda. The ETN is fully secured by bitcoin, which is kept in a cold store with a regulated custodian.

“We are delighted to present Bitpanda Bitcoin ETC as a new way to trade and invest in crypto technology, underscoring our commitment to providing investors with easy access to crypto now and in the future,” said the co -Founder and CEO Eric Demuth. “By issuing a fully EU-based Bitcoin ETC with the Euro as the base currency, we are able to provide exposure to an alternative asset class.”

Currently, Bitpanda’s bitcoin-backed ETC is listed on Deutsche Boerse’s XETRA electronic exchange, one of Germany’s most popular platforms for exchange-traded products. It plans to launch an Ethereum-backed ETC and an index ETC in 2022.

The news comes as neobrokers are gaining a foothold in the crypto world. More recently, Germany’s Scalable Capital has launched crypto trading tools and Public.com, previously based in New York, has deployed similar tools to trade digital assets.

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