DWS, a distinguished asset supervisor with over $900 billion in belongings beneath administration, has launched new Xtrackers Change-Traded Commodities (ETC) in collaboration with Galaxy Digital Holdings Ltd., providing traders handy entry to bitcoin publicity in Germany.
JUST IN: $932 Billion asset supervisor DWS launches bodily #Bitcoin ETC in Germany 🇩🇪 pic.twitter.com/e6RvMLidHY
— Bitcoin Journal (@BitcoinMagazine) April 4, 2024
“Because the first Bitcoin transaction in 2009, digital belongings have developed from a distinct segment expertise innovation to a globally acknowledged asset class,” stated Manfred Bauer, International Head of DWS’ Product Division and Member of the Govt Board at DWS Group. “With a mixed market capitalization of greater than USD 1.7 trillion, bitcoin and ethereum alone are actually too vital for traders and asset managers to disregard.”
The Xtrackers Galaxy Bodily Bitcoin ETC is now listed on Deutsche Börse, permitting traders to take part immediately within the Bitcoin market with the safety and transparency of exchange-traded merchandise. The ETCs are bodily backed by BTC, making certain that traders have direct publicity to bitcoin’s value actions.
DWS acknowledged it has strategically partnered with Galaxy to advertise Bitcoin adoption in Europe, leveraging Galaxy’s experience in digital asset services. “We’re delighted to be working with Xtrackers to supply traders institutional-grade entry to digital belongings and to assist them with our deep digital asset experience,” commented Steve Kurz, International Head of Asset Administration at Galaxy.
State Avenue will function the Issuing and Paying Agent and Administration Agent for these ETCs, with MSCI offering reference costs for bitcoin, acknowledged the official announcement. The ETCs are 1:1 bodily backed and make the most of cryptocurrency custodians Zodia Custody and Coinbase for safe storage in offline custody accounts. The ETCs can even boast an annual product charge of 0.35%.