UK Approves First Physically-Backed Bitcoin and Ethereum ETPs for Listing on London Stock Exchange |
This is the first time that the London Stock Exchange has listed Bitcoin and Ethereum ETPs
The Financial Conduct Authority (FCA) of the United Kingdom has approved the listing of cryptocurrency exchange-traded products (ETPs) from Wisdomtree and 21shares on the London Stock Exchange (LSE).
The two physically-backed Bitcoin and Ethereum ETPs from Wisdomtree have a fee of 0.35%, which is the same as similar instruments listed on multiple exchanges in continental Europe. Alexis Marinof, head of Europe at Wisdomtree, explained that the FCA's approval is a key development for the cryptocurrency industry and could lead to increased institutional adoption. All cryptocurrency funds listed in the UK will be structured as exchange-traded notes (ETNs), a common structure across the European cryptocurrency market.
Ophelia Snyder, co-founder of 21shares, will cross-list its existing Bitcoin and Ethereum collateralized ETPs in the UK with a fee of 1.49%. "London has one of the deepest and most liquid capital markets in the world - and there is strong institutional appetite for cryptocurrencies," said Snyder.
