Amsterdam-based Dutch securities and exchange firm Euronext recently showcased the first Bitcoin-based ETF listing project. Given the announcements, the crypto management company, Jacobi Management, has decided to launch its ETF in July. According to reports, the exchange-traded fund will operate under “BCOIN.”
Euronext is present amid an unfavorable virtual trade where its star token, Bitcoin, is under $20,000. But the securities and brokerage firm, like other European companies, believe that the market will recover in a short time.
ETF fund on credit by Euronext
Khurshid Jamie, creator and CEO of the Jacobi Management agency said that Euronext is launching a credit ETF fund, the first of its kind within the European territory. The businessman insists that the fund would correspond to the first one with credit or physical support. Likewise, Khurshid clarifies that in Europe, specifically in Amsterdam, there is no ETF of the same range as the one offered by the stock and securities firm.
On the other hand, the Euronext manager said that his fund would be directly involved with buying Bitcoin, making it unique. However, the agents did not offer more details about the exchange-traded fund or the date it plans to launch. Jacobi was authorized to launch the crypto project by October 2021 from the financial agency in Guernsey.
The security system in the ETF
According to reports, the security and custody system that Fidelity, an American company, will provide the ETF. On the other hand, the trade facilitators in the exchange-traded fund will be the DRW firm and the Flow Traders agency. The statement shows that each investor, whether professional or institutional, will be able to use the ETF, considering that the management interest is 1.5 percent each year.
Former Goldman Sachs member, Khurshid Jamie, believes that this exchange-traded fund could help the crypto market, referring to the fact that the project will bring stability due to the number of participants it will receive. Crypto investors are hopeful that Bitcoin, currently trading at $19,213 according to CoinMarketCap, will double in value and even hit new all-time highs before 2022.
The ETF progress has been tremendous; large firms like Goldman Sachs would eventually enter the project, breaking the myth that crypto currencies are to be feared. However, there is still uncertainty about these crypto projects, limiting their organic growth.
