European exchange Bitpanda launches Bitcoin ETN (BTC)

Bitpanda launches Bitcoin ETN

Bitpanda’s Exchange Traded Notes (ETN) will follow the price of Bitcoin (BTC). It will be accessible through brokers and banks such as Postbank and ING, and will be denominated in euros, meaning investors won’t need to manage private keys or open an account with Bitpanda.

ETNs allow you to take positions in sectors or asset classes, which are generally difficult to access. These ratings are designed to track the performance of an index or an underlying asset.

In the case of Bitpanda’s ETN, the product will have BTC as collateral, which is kept in a cold room with a regulated depository. Eric Demuth, CEO of Bitpanda, said:

We are delighted to present the Bitcoin Bitpanda ETN as a new medium for trading and investing in cryptocurrency, underscoring our commitment to providing investors with easy access to the market.

An increasingly complete exchange

Bitpanda is a cryptocurrency exchange that also offers investments in precious metals, stocks and now exchange traded funds. Launched in 2014, the company claims more than 3 million users and 500 employees. Eric Demuth said:

We are becoming a global investment platform, not just a cryptocurrency broker.

5 months after closing a $ 170 million fundraiser, the Vienna-based exchange has secured an additional $ 263 million as part of a Series C that values ​​the startup at $ 4.1 billion.

Bitpanda obtained the PSAN registration after the AMF in December 2020. It was the first foreign structure to obtain the precious sesame to operate in France. Besides France, Bitpanda is present in Austria, Spain, Turkey, Italy and Poland and plans to expand to other markets this year, opening offices in Madrid, Barcelona, ​​London, Paris and Berlin.

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