According to PANews, Galaxy Digital, a digital asset financial services company led by Michael Novogratz, is set to launch a cryptocurrency exchange-traded product (ETP) in Europe within a few weeks. Leon Marshall, CEO of Galaxy Digital's European business, announced the news during a panel discussion at the Blockworks 2024 Digital Asset Summit in London on Tuesday. He said, "We are working with DWS to launch a new ETP in Europe in a matter of weeks."
ETPs are a general term for investment products listed on exchanges, which also include exchange-traded funds (ETFs). Another type of ETP is exchange-traded notes (ETNs), for which the UK's Financial Conduct Authority (FCA) opened the door for future approval last week, albeit only for institutional investors.
In April last year, Galaxy Digital partnered with asset management firm DWS to develop the ETP, aiming to enable Europeans to invest in digital assets through traditional brokerage accounts.