XBT Provider Bitcoin ETN Hits $100 Mln, Partners With Xapo
XBT Provider is to use Xapo for cold storage as its managed assets hit $100 million.
Europe’s only exchange-traded note (ETN) issued by XBT Provider has passed $100 mln of managed assets.
“In the last 60 days, XBT Provider’s exchange traded bitcoin note has experienced unprecedented volume in trading and demand from both retail and institutional investors searching for exposure to bitcoin,” Jean-Marie Mognetti, head of trading and operations at XBT Provider, commented.
Xapo recently concluded its move to Switzerland after a lengthy process hampered by regulatory uncertainty.
Now free of headaches, the startup’s fortunes appear more buoyant as a flagship member of Switzerland’s Crypto Valley initiative.
“The addition of Xapo to our infrastructure is a critical step in ensuring that our products remain the most professional bitcoin investment products available to investors, globally,” Ryan Radloff, head of investor relations at XBT Provider, added.
XBT, meanwhile, became accessible to UK investors earlier this month as the country’s largest retail trading platform Hargreaves Lansdown added the option as a result of user requests.
“This is very exciting for any investors who have been thinking about buying Bitcoin but did not want the hassle of security and regulation involved in buying Bitcoin directly from exchanges,” Radloff said about the move.