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Exchange-Traded Bitcoin Vehicle Announces Cold Storage Deal
XBT Provider, a Swedish bitcoin investment company, has announced a new partnership with cryptocurrency storage startup Xapo.
By Chuan Tian
Updated Sep 11, 2021, 1:27 p.m. Published Jun 16, 2017, 11:01 a.m.
XBT Provider, a Swedish bitcoin investment company based in Stockholm, has announced a new partnership with cryptocurrency storage startup Xapo.
Bitcoin held offline in 'cold storage' on behalf of investors in XBT's exchange-traded bitcoin note (ETN), which is available on the Nasdaq Stockholm exchange, will now be secured by the Switzerland-based company.
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Products like XBT's provide a way for investors to gain exposure to bitcoin markets without having to purchase or hold the digital currency itself. The provider keeps the lion's share of its coins in cold storage, though smaller amounts may be kept either on an exchange or in a multi-signature 'hot wallet', per the company's safety policy.
Wences Casares, Xapo's CEO, said in a statement:
"The team of professionals at XBT Provider has deep expertise in digital currency and extensive experience in financial services. We are excited to partner with them as they make bitcoin broadly available to investors outside of the US."
The partnership comes more than a year after Swedish regulators first approved the ETN for launch. Last month, the firm revealed that it was working with one of the more notable asset managers, Hargreaves Lansdown, to provide access to local investors.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Xapo.
Lock image via Shutterstock
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