VanEck, a New York-based investment management firm, has listed four new cryptocurrency exchange-traded products (ETPs) on the SIX, Switzerland’s leading stock exchange.
Officially announced on Friday, the newly listed products will give investors exposure to the prices of the top two digital currencies: Bitcoin and Ethereum. They can be traded against both the US dollar and Swiss franc.
Exchange-traded cryptocurrency products are seen as a gateway for mainstream adoption. Traders can cut short the technicalities of cryptocurrency trading and purchase and sell the assets directly from their regular brokerage accounts.
Altcoin Demand Is Soaring
VanEck has become one of the many companies with their crypto products listed on the Swiss exchange. Additionally, SIX also earned the reputation of becoming one of the crypto-friendly venues with a total of 100 crypto ETPs and structures products.
Though the initial rush was only for Bitcoin, demand for top altcoins like Ethereum is also gearing up.
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“Ethereum is the second most liquid cryptocurrency after Bitcoin,” said Christian Reuss, Head SIX Swiss Exchange. “We’re proud to offer 59 products on the two most liquid cryptocurrencies for trading with a market capitalization of USD 1,000 bn.”
The volatility in the cryptocurrency market also spiked the demand for such exchange-listed products. SIX revealed that nearly CHF 4.6 billion in volume of its listed cryptocurrency products have been traded since the beginning of this year. That was a 310 percent gain compared to the figures for the entire 2020.
VanEck is also approaching other European exchanges with its crypto products. At the end of last month, the company listed Bitcoin and Ethereum exchange-traded notes on Euronext’s Amsterdam and Paris exchanges.
Meanwhile, the company could not manage to gain approval from the United States financial markets regulator for the listing of a much-anticipated Bitcoin exchange-traded fund (ETF). VanEck is one of the many companies whose applications are currently being reviewed by the SEC.