Crypto News | One point more to help the Positive Perspective in Crypto Currency

 Iconic Funds BTC ETN GmbH, a subsidiary of Iconic Funds GmbH (collectively branded as "Iconic Funds") has received regulatory approval in Germany for the prospectus and public offering of a physically backed Bitcoin Exchange Traded Product ("ETP") which will apply to be listed on the Regulated Market of the Frankfurt Stock Exchange. The ETP is planned to be listed for trading the week of April 26, 2021.

Structured as a traditional ETP in the same manner as Xetra Gold, the recently approved Bitcoin ETP aims to remove the technical complications of investing in and holding Bitcoin for investors in an industry-leading cost-effective manner. Each fully Bitcoin-collateralized Note of the ETP represents a claim on a specified amount of Bitcoin, less applicable fees, and will trade under the ticker symbol XBTI with an ISIN of DE000A3GK2N1.

"Bitcoin and the crypto industry as a whole is now being recognized as a bonafide asset class with institutions and investors clamoring for a seamless and familiar way to invest," said Patrick Lowry, CEO of Iconic Funds and publicly-traded Cryptology Asset Group. "Iconic aims to drive the adoption of crypto assets by creating trust in it for investors. Given the list of Tier-1 service providers we have brought together for our physically-backed Bitcoin ETP, we believe we have succeeded in this manner."

SOURCE Iconic Funds