First Asset-Backed Bitcoin Production Starts in Gibraltar

First European ordered bitcoin product, which is an asset-backed exchange tool that will invest in the digital currency, starts on the Gibraltar Stock Exchange and Germany’s Deutsche Boerse this week.

The Gibraltar Stock Exchange told, that BitcoinETI will be available through ordered brokerages all over the Europe, and arrangement will be handled through Clearstream and Euroclear, rather than via blockchain.

In the United States, where control of bitcoin and financial technology looks to be more burdensome, the famous entrepreneurs, twins Cameron and Tyles Winklevoss, have been waiting for approval for a suggested bitcoin exchange fund for three years. Their Bitcoin Trust would be the first ETF that invests solely in bitcoin.

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Another ETF issued last year by New York-based ARK Investment Management became the first ETF to invest in bitcoin, but it also invests in other cryptocurrencies and financial companies. The new European ETI, issued by Gibraltar-based iStructure PCC and sponsored by some of its subsidies, Revoltura, comes as a result of talks between stakeholders, including the Financial Services Commission, Gibraltar’s regulator, and the British Overseas Territory’s government.

Revoltura CEO Ransu Salovaara said:

“By listing the ETI on the Gibraltar Stock Exchange, which is a market regulated by EU, we are able to bring a high level of transparency and liquidity to depositors.”

The cryptocurrency can be used to trade cash immediately all over the world, free of charge and with no need for third-party checks. It is accepted by the main part of online retailers and is used in more than 200,000 transactions a day. Its value has been volatile, reachin the peak at more than $ 1,200 in 2013 before crashing after the collapse of the Mt. Gox cryptocorrency and bitcoin exchange. Since that period, it has stabilized and now it is trading at about $ 655, which is higher more than 50% this year.

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