21Shares AG, which was previously known as Amun AG, is planning to expand its cryptocurrency exchange-traded products (ETPs) to investors in Europe. It is looking to support the trading of its products in key European currency (GBP), especially for the investors in the United Kingdom.
According to the press release on Wednesday, 21Shares crypto ETPs will be listed on the Swiss SIX Exchange in GBP starting from June 30. The 21Shares crypto ETPs mentioned include its Bitcoin (BTC) and Ethereum (ETH) ETPs. It also plans to list its signature crypto basket index, HODL.
The development is coming amid the increasing demand for 21Shares crypto ETPs by the investors in the UK. Thus, expanding the products down to Europe would mean listing them in GBP to enable investors to trade conveniently, while still being able to save unpleasant fees in FX exchange, per the announcement.
Therefore, the listing of 21Shares crypto ETPs in GBP would enable us to bypass the need for FX conversion. Ultimately, it would cut out access restrictions to countries in Europe, where brokers weren’t able to settle in foreign currency in domestic markets.
UK investors show interest in crypto ETPs
While expressing excitement about the GBP listing, an executive from the UK-based Bytetree, Charlie Morris commented:
This will give UK clients more choice by which they can access this emerging asset class with the reassurance of doing so via a regulated European exchange, which is a key factor raised by many institutional investors like us!
21Shares Bitcoin ETP has been trading for more one year, drawing more institutional players for the crypto asset. The support of GBP for 21Shares ETPs adds to the already-existing popular fiat currency available for the products. They include the US dollar, EUR, and CHF.