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Swedish company XBT Provider AB announces plans to launch new exchange-traded products based on up to 10 cryptocurrencies before the end of the year. The news came shortly after the US Securities and Exchange Commission temporarily stopped the company's Bitcoin business note.
A "basket" of Cryptocurrencies
The Stockholm-based ABBT AB is planning to launch an exchange-traded product based on a "basket" of cryptocurrencies, according to Bloomberg.
The company, which has supplied products traded on the stock exchange since 2015, states that this is what the "market is looking for". Speaking of the matter, their CEO, Laurent Kssis, said:
T hey is telling us "I would like only mixed exposure to 5 or 10" cryptocurrencies.
Kssis also touched on the fact that Sweden is very receptive to cashless transactions and is already ahead of the trend, saying:
Sweden is far ahead of the curve when it comes to cashless transactions and we even talk about e-krona. The investor base is very receptive to this.
According to reports, the company will launch the product by the end of the year. While the initial plans are to launch it on their domestic listing market, the NASDAQ of Stockholm, Ryan Radloff, head of CoinShares Holdings LTD, owner of XBT Provider AB, outlined the expansion plans, stating:
Other exchanges and jurisdictions they are calling us, wanting our knowledge and our know-how to bring these resources to the market. […] So we are evaluating other markets right now.
Completely Unfazed
It is interesting to note that the transition from XBT Provider AB comes soon after the US SEC has temporarily stopped trading its well-known bitcoin tracker Bitcoin Tracker One (CXBTF).
While the company's CEO did not want to comment on the matter, Ryan Radloff stressed that the suspension "concerns only trading in the United States, does not apply to trading on the listed market – Nasdaq Stockholm, and does not affect any action taken or was not undertaken by XBT Provider AB. "
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