The prices of the leading cryptocurrencies are down by nearly 50% from their recent all-time highs. However, that hasn’t stopped the wave of institutional adoption that has swept the market over the past few months.
CoinShares Adds Physically-Backed Crypto ETPs on Börse Xetra
CoinShares, the largest digital asset manager in Europe, has listed three physically-backed exchange-traded products (ETPs) on Germany’s Börse Xetra exchange. The exchange-traded products are set to make it easier for institutional investors to access the cryptocurrency market.
The digital asset manager listed ETPs of Bitcoin, Ethereum and Litecoin. According to a press release this morning, Frank Spiteri, CoinShares’ Chief Revenue Officer, revealed that since the CoinShares Physical platform was launched in January, it now has over $380m in assets under management. In addition, the platform is available in eleven countries as institutional demand for cryptocurrency-related products continues to increase.
“This cross-listing is another important step for CoinShares Asset Management, providing investors across Europe with easier access to digital assets. We look forward to leveraging the Company’s technology and expertise as we build on this momentum and move into new markets, investment exposures and strategic partnerships over the course of the year,” he added.
CoinShares listed the physically-backed crypto ETPs on Börse Xetra following the approval from the Swedish regulator. As a result, the digital asset firm now has the license to distribute the ETPs on various platforms across the European Union (EU). The cryptocurrency ETPs are available in Germany, Sweden, Italy, Spain, France, Belgium, the Netherlands, Denmark, Finland, Norway, Austria and Luxembourg.
Adoption Grows despite Crypto Prices still Battling
Cryptocurrencies continue to gain retail and institutional adoption despite the prices still down from their all-time highs. At the time of this report, Bitcoin (BTC) is trading at $36,600 on various cryptocurrency exchanges, up by 1% over the past 24 hours. However, it is over 40% down from its all-time high of $65,000.
Ether is up by 4% over the past 24 hours and is trading above $2,800. However, it is also down from its recent all-time high of $4,700 per coin. Litecoin has lost its position amongst the top ten cryptocurrencies by market cap. It is now the 14th in terms of market cap, and its price is performing excellently since the news broke.