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"American investment management firm Invesco has unveiled a new Exchange-Traded Product (ETP) that is physically powered by Bitcoin.\r\n\r\nBitcoin ETPs are investment products that are traded on the exchange as a security, such as commodities, stocks. BTC ETPs traded on the exchange are backed by 100% Bitcoin. Investors are affected by the price movements of this investment product in the stock market and the financial product they invest, without the need for any technical requirements.\r\n\r\n\r\n\r\nIt has been reported that Bitcoins will be held by Zodia Custody, which is registered with the UK Financial Conduct Authority (FCA), and CoinShares, one of the largest digital asset firms in Europe, will act as the execution agent by sponsoring the ETP.\r\n\r\nTalking about the withdrawal of physical Bitcoin support, Gary Buxton, Head of Invesco ETFs and Indexed Strategies, said;\r\n\r\n\r\n&nbsp; &nbsp;“Physical Bitcoin is a more observable market. One of our concerns was the depth of synthetic liquidity and what that could do to valuations over time, and that's something we weren't entirely comfortable with.”\r\n\r\n\r\nInvesco has also launched this product as an Exchange-Traded Note (ETN) on the digital exchange Xetra, operated by German Exchange Operator Deutsche Boerse.\r\n\r\n\r\n\r\nETNs are a type of ETP, which is traded under the symbol BTIC and tracks the CoinShares Bitcoin Hourly Reference Rate index. This is also registered by the German financial authorities.\r\n\r\nInvesco, which started work to launch a bitcoin ETF in the United States, has also partnered with Galaxy Digital. India's securities regulator has also approved an Invesco crypto ETF despite regulatory uncertainty in the country.\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n"
<https://www.toptrendcoins.com/invesco-announces-physically-backed-bitcoin-etp>