Figment and Apex Group to List New ETPs on SIX Swiss Exchange

Figment and Apex Group Partner to List Ethereum and Solana ETPs on Institutional Staking Infrastructure

Figment and Apex Group will list Ethereum and Solana ETPs on the SIX Swiss Exchange next week.

📅 Last updated: March 7, 2024 02:53 EST | ⌛ 2 min read

Source: Midjourney

Figment Europe Ltd, a leading provider of institutional staking infrastructure, has announced its collaboration with Apex Group to list two new exchange-traded products (ETPs) on the SIX Swiss Exchange on March 12th.

The first ETP, called “Figment Ethereum Plus Staking Rewards” and trading under the ticker symbol “ETHF,” allows investors to gain exposure to Ethereum. The second ETP, named “Figment Solana Plus Staking Rewards” and trading under the ticker symbol “SOLF,” enables investors to participate in the growth of the Solana network. Both ETPs are fully backed by their respective cryptocurrencies and leverage Figment’s staking infrastructure.

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Issuance.Swiss AG will issue both ETPs, providing easy access to staking rewards for institutions through traditional brokers or banks. The Ethereum and Solana ETPs will track an index provided by MarketVector, measuring the price performance of ETH and SOL, along with the staking rewards earned by the products using Figment’s rewards indexing capabilities.

“Unprecedented Demand” From Institutional Investors

Figment Europe has recognized the unprecedented demand for crypto ETPs from institutional investors. They understand that buying crypto and staking directly can present challenges for conservative institutions. Therefore, the launch of these ETPs aims to address this demand and provide broader accessibility to staking rewards.

Eva Lawrence, Head of Figment Europe, stated in a press release, “We remain committed to the unprecedented demand we are seeing from institutional investors wanting staking exposure.”

Josh Deems, Institutional Business Development Lead for Figment, further added, “The popularity and interest in ETH and SOL has increased substantially over the past few months. However, it is still challenging for institutions to buy crypto and stake directly. The ETPs will contribute to increased accessibility to staking rewards for a wide audience, and we at Figment are proud that Apex and Issuance.Swiss chose Figment to be part of this development.”

European Market Leads the Way With ETPs

In recent years, Europe has become a leading market for cryptocurrency ETPs. The U.S. Securities Exchange Commission (SEC) recently approved several spot Bitcoin Exchange-Traded Funds (ETFs), triggering a bull market and trading frenzy. However, Europe has already embraced the concept of ETPs, with several major providers offering exposure to Bitcoin and Ethereum, including CoinShares, 21Shares, WisdomTree, ETC Group, Valour, and Fidelity.

Crypto ETPs Versus ETFs – What’s the Difference?

According to CoinShares, a European asset manager specializing in digital assets, there is a difference in terminology between the U.S. and European markets when it comes to exchange-traded products. In the U.S., the term “ETF” is commonly used to refer to products that aim to replicate the performance of an underlying asset or benchmark. In Europe, however, specific fund regulations prevent the usage of the term “ETF” for single assets like Bitcoin or smaller baskets of assets. Instead, European investors should search for “crypto ETPs.”

CoinShares, which offers the CoinShares Physical Ethereum ETP (ticker: ETHE/CETH) in Europe, even introduced a staking reward of 1.25% per year for investors in February.

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Q&A:

Q: What are the benefits of investing in ETPs?
A: ETPs offer investors exposure to cryptocurrencies without the need to purchase and custody the underlying assets directly. They also provide access to staking rewards, which can be lucrative for those seeking additional passive income from their investments.

Q: Are there any risks associated with investing in ETPs?
A: Like any investment, ETPs come with their own set of risks. It’s essential to carefully consider factors such as market volatility, regulatory changes, and the reputation of the issuer before investing in ETPs. Additionally, investors should be aware that staking rewards may fluctuate based on market conditions and network dynamics.

Q: How do ETPs differ from traditional ETFs?
A: The main difference lies in terminology and regulatory requirements. In the U.S., the term “ETF” is commonly used for all exchange-traded products that aim to replicate the performance of an underlying asset. In Europe, due to specific fund regulations, the term “ETF” cannot be used for single assets like Bitcoin. Instead, European investors should search for “crypto ETPs” when looking for similar investment products.

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The introduction of new ETPs on the SIX Swiss Exchange by Figment and Apex Group further enhances the accessibility of staking rewards for institutional investors. With the European market leading the way in crypto ETPs and the continuous growth in popularity of cryptocurrencies like Ethereum and Solana, these offerings have the potential to attract a wide range of investors looking to participate in the crypto economy.

References:

• Figment Europe Ltd
• Apex Group
• SIX Swiss Exchange
• MarketVector
• CoinShares
• 21Shares
• WisdomTree
• ETC Group
• Valour
• Fidelity

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