Business

WisdomTree and 21Shares to list crypto products on the London Stock Exchange

LONDON (Reuters) – WisdomTree and 21Shares will launch cryptocurrency-backed exchange-traded products (ETPs) on the London Stock Exchange, the companies said on Wednesday after getting the green light from Britain's financial regulator.

The planned listings, expected to be the first in the UK, come after Britain's Financial Conduct Authority (FCA) in March approved the launch of what it called “cETNs” – exchange-traded notes backed by crypto-assets – for professional investors.

Investors are increasingly buying cryptocurrencies through ETPs, even as regulators warn of the risks.

Bitcoin price surged after the U.S. Securities and Exchange Commission (SEC) approved Bitcoin exchange-traded funds in January, and cryptocurrencies have gained in recent days on expectations that the SEC would approve a similar product for the second largest cryptocurrency, ether.

Both WisdomTree products provide investors with exposure to the underlying cryptocurrencies: one for bitcoin and one for ether. They are expected to list on May 28, asset manager WisdomTree said in a statement, adding that it was “among the first issuers” to have its crypto ETPs approved by the FCA.

“While UK-based professional investors have been able to invest in crypto ETPs through overseas exchanges, they will soon have a more convenient access point,” said Alexis Marinof, Head of Europe at WisdomTree.

“The FCA’s approval in this regard could lead to greater institutional adoption of the asset class.”

21Shares, which describes itself as the world's largest issuer of cryptocurrency-backed ETPs, has announced that it will list on the London Stock Exchange following recent regulatory approval.

“London is home to one of the deepest and most liquid capital markets in the world, where there is proven institutional interest in cryptocurrencies,” he said in a statement.

The FCA has said that cryptocurrencies are very risky and largely unregulated.

It prohibits their sale to retail investors, saying the products are “ill-suited to retail consumers because of the harm they pose.”

“Those who invest must be prepared to lose all their money,” the regulator said in March.

(Reporting by Elizabeth Howcroft; editing by Tommy Reggiori Wilkes, Mark Potter and Jane Merriman)

Sources

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2/ https://finance.yahoo.com/news/wisdomtree-list-crypto-products-london-132242186.html

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