On September 16, the news source reported that XBT provider AB will be introducing a new exchange-traded product before the end of 2018. The new product will be more diversified than the exchange-traded products they currently offer. The report revealed that the exchange product will offer customers 5 to 10 cryptocurrencies to bet on.
XBT CEO Laurent Kssis says that the proposed exchange-traded product is exactly what the market is looking for. He explained that investors have been demanding for a basket that would offer them 5 to 10 digital currencies.
XBT introduced the first exchange-traded Bitcoin tracker which allowed people who do not own a bitcoin bet on the cryptocurrency platform. The company came into existence in 2015 which also has an exchange-traded ether tracker.
You would think that the current slump of the crypto market will discourage XBT’s drive to introduce more exchange-traded products. Instead, the company believes that there will be an emergence of more security tokens.
Ryan Radolf, the CEO of CoinShares Holdings- the company who owns XBT- explained that there will be more assets tokenized in the nearest future. Therefore, the Sweden-based company and its subsidiary are looking to expand into more territories.
Radolf explained that bitcoin has not been able to represent enough assets because of its volatility. However, Radolf added that the current slump in the price of bitcoin does not bother him as it had slumped thrice in the past.
SEC Suspends XBT’s Investment Products
On September 9, Coinpedia reported that the U.S. Securities and Exchange Commission (SEC) had suspended the trading of XBT’s investment products. The commission explained that the validity of the investment products (Bitcoin tracker one and Ethereum tracker one) as ETFs is unclear.
On September 10, XBT says a statement that the suspension only affects the trading of both products in the US. The statement also adds that SEC’s suspension does not affect the trading of the products on Nasdaq Stockholm.
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