Exchange-Traded Bitcoin Vehicle Announces Cold Storage Deal

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XBT Provider, a Swedish bitcoin funding firm based mostly in Stockholm, has introduced a brand new partnership with cryptocurrency storage startup Xapo.

Bitcoin held offline in ‘cold storage‘ on behalf of traders in XBT’s exchange-traded bitcoin word (ETN), which is on the market on the Nasdaq Stockholm change, will now be secured by the Switzerland-based firm.

Products like XBT’s present a method for traders to realize publicity to bitcoin markets with out having to buy or maintain the digital currency itself. The supplier retains the lion’s share of its cash in chilly storage, although smaller quantities could also be saved both on an change or in a multi-signature ‘sizzling pockets’, per the corporate’s security coverage.

Wences Casares, Xapo’s CEO, stated in an announcement:

“The team of professionals at XBT Provider has deep expertise in digital currency and extensive experience in financial services. We are excited to partner with them as they make bitcoin broadly available to investors outside of the US.”

The partnership comes greater than a yr after Swedish regulators first accepted the ETN for launch. Last month, the agency revealed that it was working with one of many extra notable asset managers, Hargreaves Lansdown, to offer entry to native traders.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an possession stake in Xapo.

Lock picture by way of Shutterstock

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