Saxo Bank adds Ethereum Tracker to Its Trading Platform
Saxo Bank is adding to its list of assets the Ethereum Exchange Traded Notes (ETNs) that earlier this week were listed on the Nasdaq OMX Stockholm exchange. The decision is in line with Saxo Bank’s strategy to provide access to its clients that are willing to gain cryptocurrency exposure.
The Ethereum product is complimenting Saxo Bank’s already offered Bitcoin tracking ETNs that are also listed on the Nasdaq OMX Stockholm.
Saxo Bank is not offering leverage on the four ETNs that are issued by XBT Provider AB. The instruments are available for trading via SaxoTraderGO and SaxoTrader.
ETNs are debt securities that are unsecured and represent unsubordinated debt. Their value is derivative from the performance of a given asset minus the fees that are associated with the listing.
Cryptomarket Capitalization Over $160B
The Danish multi-asset brokerage is following up on client demand for the wildly popular cryptocurrency assets this year. The market capitalisation of the crypto-currency markets is $160 billion as of today. The price of Bitcoin surpassed $5000 and has now surpassed the previous top market in the run-up to the Chinese crackdown on cryptocurrencies last month.
Commenting on the launch, Saxo Bank’s Head of Markets, the Claus Nielsen said: “We have increasing client demand for exposure to cryptocurrencies and I am very pleased that we can now offer clients exposure to both Bitcoin and Ethereum through Exchange Traded Notes.”
“Cryptocurrency markets are still at an early development stage and we find that listed products like ETNs without leverage, offering high levels of transparency, are good ways to include cryptocurrencies in our multi-asset product offering spanning more than 35,000 instruments. We continue to follow the developments in cryptocurrency markets and expect to able to add more instruments to our offering going forward,” Nielsen elaborates.