VanEck, a New York-based investment management firm, has listed four new cryptocurrency exchange-traded products (ETPs) on the SIX, Switzerland’s leading stock exchange.
The new products officially announced on Friday will allow investors to see the prices of two leading digital currencies: Bitcoin and Ethereum. They can be traded against both the US dollar and the Swiss franc.
Exchange-traded cryptocurrency products are seen as a gateway to widespread adoption. Traders can cut down on the technical details of cryptocurrency trading and buy and sell assets directly from their regular brokerage accounts.
The demand for altcoins is skyrocketing
VanEck has become one of the many companies whose cryptocurrency products are listed on the Swiss exchange. Additionally, SIX has earned a reputation as a crypto-friendly platform with a total of 100 cryptocurrency ETPs and structured products.
While the initial hype was only for bitcoins, demand for the best altcoins like Ethereum is also on the rise.
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“Ethereum is the second most liquid cryptocurrency after bitcoin,” said Christian Reuss, head of the SIX Swiss Exchange. “We are proud to offer 59 products for the two most liquid cryptocurrencies for trading with a market cap of US $ 1,000 billion.”
Moreover, the volatility in the cryptocurrency market has dramatically increased the demand for such exchange-traded products. SIX reported that nearly CHF 4.6 billion of its listed cryptocurrency products have been sold since the beginning of this year. This is 310 percent more than in the entire 2020.
In addition, VanEck is approaching other European exchanges with its cryptocurrency products. Late last month, the company listed Bitcoin and Ethereum exchange-traded notes on the Euronext exchanges in Amsterdam and Paris.
Meanwhile, the company has failed to get approval from the US financial markets regulator to list the long-awaited bitcoin exchange-traded fund (ETF). VanEck is one of many companies currently under review by the Securities and Exchange Commission.