New bitcoin fund launched in Germany

EQONEX Limited is launching a new German bitcoin fund. The company is launching a so-called bitcoin ETN.

https://twitter.com/innocrypto2018/status/1546779003331219457

ETN stands for Exchange Traded Note. The purpose of these financial products is relatively simple: private investors should be able to invest in the underlying product more easily. In this case, it is a fund that is backed by real bitcoin. This was stated in a press release.

Exchange for bitcoin

A share in the fund is instantly convertible to bitcoin. That is the simple promise. In practice this means that investors on traditional (stock) exchanges in Germany can now gain exposure to bitcoin.

It is not the same as buying and storing bitcoin yourself. But investors who are purely looking for the price action and are not on crypto exchanges can tread here.

Investors with EQ1B shares can claim physical bitcoin through Digivault. That is a company that specialises in the storage of bitcoin. They have permission from the German regulators to do so.

Not only in Germany

EQONEX hopes to eventually expand beyond Germany with their fund. According to director Jonathan Farnell, Germany is a perfect starting point. He refers to the positive investor culture in the country. They see Germany as an ideal starting point for a 'growing number of EQONEX products'.

Like many other funds, they are trying to tap into a new group of investors here. In Germany, EQONEX faces competition from many different funds and banks. Recently, for example, the major German bank Commerzbank applied for a licence to trade bitcoin.
https://www.indexuniverse.eu/new-bitcoin-fund-launched-in-germany/