White & Case advises ETC Group on expansion of product portfolio to include first crypto ETP based on MSCI index
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Global law firm White & Case LLP has advised ETC Group, Europe's leading provider of digital asset-backed securities, on the expansion of its product portfolio to include the first cryptocurrency linked exchange-traded commodity (ETC) based on an index provided by MSCI Inc.
In line with the company's other ETCs, including the world's first centrally cleared Bitcoin exchange traded product, the new product, which tracks the performance of the MSCI Global Digital Assets Select Top 20 Capped Index, is traded in fiat currency and connects the crypto market with the traditional stock market, allowing trading with a secure and liquid product on regulated markets.
The product is physically backed by the respective current components of the MSCI Global Digital Assets Select Top 20 Capped Index, representing of a basket of the 20 leading digital assets, which are securely held at a regulated custodian bank. It will initially be listed on the German stock exchange XETRA.
ETC Group was founded in 2019 to provide investors with the tools to access the investment opportunities of the digital assets and blockchain ecosystem. The company develops innovative digital asset-backed securities including ETC Group Physical Bitcoin (BTCE) and ETC Group Physical Ethereum (ZETH), which are listed on European exchanges including XETRA, Euronext, SIX, AQUIS UK and Wiener Börse.
The White & Case team in Frankfurt which advised on the transaction included partner Karsten Wöckener, local partner Claire-Marie Mallad and associate Daniel Sander.
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