21Shares – a crypto-focused asset management firm – has reportedly selected Coinbase-developed custody service, for its Bitcoin (BTC) exchange-traded product.
Specifically, 21Shares will reportedly employ Coinbase Custody as a means for securing the Bitcoin supporting the ETP release. The derivative will reportedly be rolled out on Deutsche Borse’s Xetra – ranked 2nd as a stock exchange in Germany.
The product is reportedly the first physically supported Bitcoin ETP in the EU region.
Crypto derivatives are reportedly experiencing an incline in its developments. In February this year, 21Shares reportedly also rolled out an inverse Bitcoin ETP with the name Short Bitcoin on Xetra.
At the time, head of OKEx Jay Hao reportedly claimed that financial derivatives has “an irreplaceable role in hedging risks and maximizing profit.”
Nonetheless, the industry has reportedly witnessed controversy regarding Qiao Wang – an investor, analyst and the head of product at a crypto market data company – publicly stated his criticism concerning how Grayscale Bitcoin Trust is set up