Bitcoin

21Shares will use Coinbase Custody to secure assets for its exchange-traded Bitcoin products

21Shares, a cryptocurrency asset manager, chose Cryptocurrency Exchange Coinbase’s escrow service for its Exchange Traded Products (ETP) Bitcoin (BTC).

According to an announcement from Coinbase on Wednesday 21Shares will use Coinbase Custody to secure Bitcoin that supports the ETP launch on Thursday. The derivative will be launched on the Xetra of the German stock exchange, the second largest German stock exchange.

The product is said to be the first physically supported Bitcoin ETP in Europe.

Cryptocurrency derivatives are experiencing explosive growth

21Shares will use Coinbase Custody to secure assets for its exchange-traded Bitcoin products
21Shares will use Coinbase Custody to secure assets for its exchange-traded Bitcoin products

Cryptocurrency derivatives are increasingly seeing new developments. At the end of February, 21Shares also launched a reverse bitcoin ETP called Short Bitcoin on Xetra. In January, the same ETP was also traded on the Swiss main stock exchange SIX.

As reported by Cointelegraph, the cryptocurrency exchange OKEx introduced the options Ether (ETH) and EOS in early June.

At the time, Jay Hao, CEO of OKEx, said that financial derivatives “play an irreplaceable role in risk hedging and maximizing profits”.

Even so, The room was recently the subject of heated controversy when Qiao Wang, investor, analyst, and product manager at a crypto market data company, criticized how the Grayscale Bitcoin Trust was founded. According to him, the Grayscale Bitcoin Trust system could allow trading at a discount to the net asset value of the fund’s holdings.

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