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XBT Provider AB has created a first bitcoin-based financial instrument, called Bitcoin Tracker One, that will be traded on a regulated exchange.
XBT Provider AB has announced the launch of Bitcoin Tracker One, the globe’s first security based on digital currency. The financial product was authorized on the Stockholm Nasdaq Nordic following an approval of Finansinspektionen, the Swedish financial supervisory authority. The trading is set to commence on May 18th.
Alexander Marsh, Chief Executive Officer of XBT Provider, said in a press release: “We are proud to offer the world’s first “Bitcoin tracker” to be traded on a regulated exchange. By enabling this easy and secure way to invest in Bitcoin we hope to have eliminated the boundaries that earlier prevented individuals and companies from being able to actively invest in what we believe to be the future of money.”
Using Bitcoin Tracker One, the investors will receive an opportunity to profit from changes in the BTC/USD exchange rates at the same time paying lower fees. The value of the financial instrument will not only be influenced by the moves in BTC/USD price, but by the credit rating of XBT Provider as well.
Bitcoin Tracker One has been added to the growing range of cryptocurrency investment tools that aim to expand bitcoin investments and attract traditional investors. The note will provide an opportunity to invest in bitcoin for those who don’t want to directly buy and hold the digital currency because they are afraid of its high price volatility.
General Partner at Creandum and Board Member of XBT Provider, Staffan Helgesson, commented: “These are exciting times for the bitcoin ecosystem. Bitcoin Tracker One will be the world’s first financial instrument that provides consumers and institutions the possibility to invest in bitcoins without holding coins themselves”.
XBT Provider is owned by Swedish KNC group, which is known for installing a datacenter in the region of North Pole in Sweden, near the Arctic Circle, last year. The customers of KNC group have recently filed a class action lawsuit against the firm complaining about the late products delivery, poor performance of its products and even accusing it of selling second hand machines.
XBT Provider AB is a public limited liability company established in Sweden with headquarters in Stockholm. The issuer is incorporated in accordance with Swedish law and is registered with the Swedish companies’ registration office under the number 559001-3313.
Mangold Fondkommission, a Stockholm-based brokerage and investment bank, serves as liquidity provider for Bitcoin Tracker One. The bank is a member of Nasdaq Stockholm exchange and helps XBT Provider with clearing services.