Saxo Bank, a heavyweight multi-asset and forex trading agency based in Denmark, has announced it is adding XBT Provider‘s Ethereum Exchange Traded Notes (ETNs) to its asset list.
This recent move offers clients access to trade the Ethereum ETNs which are issued by XBT Provider AB. The two ether ETNs were listed on Nasdaq OMX Stockholm stock exchange earlier this week.
Earlier this year, Saxo Bank had added two ETNs for Bitcoin (also issued by XBT Provider AB and traded on Nasdaq OMX Stockholm), Bitcoin Tracker One and Bitcoin Tracker Euro. The ETNs offered clients a tracking solution for the movement of Bitcoin against the US dollar.
The two ether ETNs, COINETH and COINETHE, are respectively traded in Swedish Krona and Euro.
And similar to the Bitcoin ETNs, the new ether ETNs were designed to track the price of the ether using an index rate computed from the daily average of the three most-liquid selected exchanges. The ETNs (both Bitcoin and ether) are available for trading without leverage on the bank’s proprietary trading platforms, SaxoTraderGO and SaxoTrader.
Claus Nielsen, Head of Markets, at Saxo Bank, says:[perfectpullquote align=”full” cite=”” link=”” color=”” class=”” size=””]We have increasing client demand for exposure to cryptocurrencies and I am very pleased that we can now offer clients exposure to both Bitcoin and Ethereum through Exchange Traded Notes.[/perfectpullquote]
He added that “Cryptocurrency markets are still at an early development stage and we find that listed products like ETNs without leverage, offering high levels of transparency, are good ways to include cryptocurrencies in our multi-asset product offering spanning more than 35,000 instruments. We continue to follow the developments in cryptocurrency markets and expect to able to add more instruments to our offering going forward.”
ETNs, just like ETFs (Exchange Traded Funds), are also traded on a major exchange – the London Stock Exchange, for instance – during the normal trading hours.