Note from the CEO: We do try to cover mainly US-related fintech news on our site, but every so often something overseas portends to what is coming to our shores. The US already has publicly traded trusts, but this new Gibraltar-listed fund shows demand for these new products, which here in the US will be in the form of ETFs, making it even easier for the public to participate. Even better, it will allow hedging in bitcoin. That’s a big deal.
"BitcoinETI will be available through regulated brokerages across Europe, and settlement will be handled through Clearstream and Euroclear, the Gibraltar Stock Exchange said, rather than via bitcoin's shared ledger system - the blockchain.
In the United States, where regulation of bitcoin and financial technology more broadly tends to be more onerous, twins Cameron and Tyles Winklevoss - entrepreneurs who famously sued Facebook founder Mark Zuckerberg for allegedly stealing their idea - have been waiting for approval for a proposed bitcoin exchange-traded fund for three years.
Their proposed Winklevoss Bitcoin Trust would be the first ETF issued by a U.S. entity that invests solely in bitcoin."
Read Full Article at Reuters