CoinShares, a St. Helier digital asset, which is Jersey-based, is an option for the investment house with more than $4 billion under management. It is opting for the launch of a physically-backed exchange that is trading with the Ethereum products.
The Physical Ethereum of CoinShares is the second ETP that is about to be released on the institutional-grade ETP platform for the firm. It is following the launching of the Physical bitcoin of CoinShares product in January. It is going to be listed under the ticker of ETHE, which is on the SIX Swiss Exchange. Also, it is giving a base fee of 1.25% of Komainu, which is going to serve as the custodian.
Townsend Lansing, the head of product at Coinshares, says the bringing in of innovative products like ETHE is going to allow them to continue with the setting in the industry standard for better trust and transparency. It is also going to provide the institution with easy access to the leading crypto investment vehicle in the industry.
This is what he said, “Bringing innovative products like ETHE allows us to continue setting the industry standard for trust and transparency and provide institutions with easy access to industry-leading crypto investment vehicles.”
The move is following the launch of the first North American bitcoin exchange, which is trading with the funds in Canada for this month with the Purpose investments Inc. Also, it includes Evolve Funds Group Inc. Both of them are listed on the Toronto Stock Exchange.
ETHE is opting for the launch of approximately $75 million in the assets, which are under the management. It is going to be physically backed up, which means that it is going to hold all the underlying assets for the design of the track. Each of the units of this product is going to be backed with 0.03 Ether, according to the company.