Wednesday, October 5, 2022

Hashdex Gets Approval to Issue Crypto ETPs By SIX Swiss Exchange

Global crypto asset manager, Hashdex has been approved by SIX Swiss Exchange to list exchange-traded products (ETPs) as announced by the firm on Monday. The Brazil-based asset manager also hopes to extend its offerings beyond Switzerland, and across Europe.

The approval from Switzerland is coming as the first step in achieving Hashdex’s expansion plans. It intends to service Europe through most of its capital cities like Lisbon, Paris, and London as it is currently recruiting staff across these cities for this purpose as acceptance and adoption of the digital currencies continue to soar within the region. 

Hashdex, the largest asset manager in Latin America was established in 2018 and currently services more than 260000 professional and retail investors with a portfolio of over $750 million. It helps users better understand and access different exposure to the crypto asset class. Unlike other crypto asset managers, Hashdex offers services on various cryptocurrencies. 

With the new approval, Hashdex joins the likes of Fidelity, Helveteq, and WisdomTree who have launched crypto-related ETPs on the SIX Swiss Exchange as the demand for crypto by professional and retail traders continues to grow.

Bruno Sousa, Hashdex’s head of Global Expansion believes the firm’s presence in Zurich will advance its course to expand its offerings to the whole of Europe.

Also in the announcement, Laurent Kssis, a former director at 21Shares, a Swiss-based crypto ETP issuer has also been tapped as managing director for the European region. He will also oversee Hashdex’s expansion plans for the region.

The US Position on ETPs

Unlike Europe which has seen a record increase in approval of crypto ETPs, the United States Securities Exchange Commission (SEC), citing the sector’s susceptibility to price manipulation, is cautious in approving the products.

The SEC had in January rejected applications from Fidelity Investments to list a Bitcoin ETP saying that there was no sufficient safeguard to protect the investors from possible price manipulation.

In a similar fashion applications of both WisdomTree Investment Inc and One River Asset Management Holdings still, hang in the balance.

Earlier in January, Hashdex announced the approval of the world’s first decentralized finance (DeFi) ETF. The ETF seeks to offer investors diversified, secure and regulated exposure in all segments of the DeFi ecosystem.

Joyce Onose
A Blockchain enthusiast and growing writer in the space with an understanding of the importance in creating quality content for readers in the industry. Also, keen on using her skills in improving Blockchain journalism.

Related Articles

Stay Connected

0FansLike
0FollowersFollow
2,043FollowersFollow

Latest Articles

%d bloggers like this: