Switzerland based, 21Shares, teams up with Australian asset management firm, ETF Securities, to launch the first Bitcoin and Ethereum exchanges traded funds (ETF) in Australia.
The ETFs are all slated to go live in the upcoming week allowing users to invest directly in Bitcoin and Ether without having to buy the actual cryptocurrency. The two funds, 21Shares’s – Bitcoin ETF (EBTC) and Ethereum ETF (EETH) will track the cryptocurrencies’ prices in Australian dollars. If an ETF invested directly in cryptocurrencies were to begin trading on April 27, Australia would almost certainly beat the US market to such a product.
How Will The ETFs Help?
According to the official blog post, 21Shares, the world’s largest issuer of crypto exchange-traded products (ETPs), has partnered with ETF Securities to launch Bitcoin ETF (EBTC) and Ethereum ETF (EETH), offering simple, cost-effective and direct access to cryptocurrency investments. Both the funds will be listed on, Australian securities and derivatives exchange, Cboe Exchange. Both the funds are fully backed by the respective assets held in cold storage by Coinbase.
Hany Rashwan, CEO and co-founder of 21Shares, said that the firm has been working to provide Australian investors easier access to crypto for years. In 2019, 21Shares launched the world’s longest-running spot Bitcoin ETP in Switzerland. He emphasized that the ETFS are just the beginning and there are even more exciting plans for Australian investors in the near future. He went on to add,
“We’re so incredibly excited to be able to offer the first direct exposure Bitcoin and Ethereum ETF in Australia. Australian investors clearly want and deserve an affordable, easy, and professional way to access the growing crypto asset class and we’re delighted to continue building accessible bridges into the crypto world.”
Investors Can Trade Cryptocurrencies Without Crypto Wallets
Graham Tuckwell, Executive Chairman of ETF Securities Australia, explained that the funds, EBTC and EETH, will grant investors the power to trade cryptocurrency in a tightly regulated environment, without the need to establish and maintain their own Bitcoin or Ethereum wallets. He commented,
“Once we decided to build a range of crypto ETFs for the Australian market, there was only one partner we wanted to work with, and that’s 21Shares. Its pioneering approach to secure investment in cryptocurrency has been emulated by other fund managers around the world.”
Australia seems to be warming up to the crypto industry. Last month, Australia’s ANZ Bank became the first major financial institution in the country to issue and execute payment of a stablecoin linked to the nation’s dollar.
