EQONEX Launch a Physically backed Bitcoin ETN just launched in German

[fillippone]

Looks like Germany is leading the innovation in the Bitcoin Exchange Traded Products
A brand new product just launched, with the unique feature of the free conversion into the underlying Bitcoin.

Also other products offered similar feature, but the delivery option was pretty costly to exercise
This time the conversion should be free.

Investors can trade in and out of the ETN via their existing brokerage accounts and will also have the benefit of being able to redeem the underlying bitcoin for free using a Digivault custody account.

You can read more in this press release.

Another interesting bit:

Distinct from some other issuers, EQONEX embeds an additional investor protection by holding the underlying physical bitcoin in a segregated account under a Security Trustee, ensuring it is not used for rehypothecation.

So, while the SEC is delaying US Spot ETF approval, this kind of product is already reality in Germany.

I will try to add more when I have more information.

[1714638778]

1714638778

[1714638778]

1714638778

[2stout]

Very interesting!  I believe it's just a matter of time (not sure exactly how long though) before the dominos fall in place.  As more countries adopt this, the US will feel pressure from big money investors to offer the same, and in turn the big banks and clearinghouses will apply this pressure and more to lawmaker via lobbyists to get it done- they don't want this money to escape their hands and this is when the house of cards eventually falls.  Money talks and bullshit walks.

[Maestro75]

Money talks and bullshit walks.

Funny way to say it, but that is true. People with money hardly get confronted with bullshit behaviour. Money controls nonsense behaviors. I like to ask if bitcoin ETN is the same thing as the ETF or is it referring to the ETN token that was created some years ago. Even from what news were making the rounds some years ago everyone would believe that by now the Bitcoin ETF will be a popular thing. That is not the case now from what is going on. We hardly hear about it.

[fillippone]

Even from what news were making the rounds some years ago everyone would believe that by now the Bitcoin ETF will be a popular thing. That is not the case now from what is going on. We hardly hear about it.

Only the US authorities are resisting in the authorising path of a graded ETF (or ETN) as other instruments get approved, their position become harder and harder to justify as every day passes.

[Lucius]

Only the US authorities are resisting in the authorising path of a graded ETF (or ETN) as other instruments get approved, their position become harder and harder to justify as every day passes.

It seems to me that they can defend their positions to infinity, because after all, it is the US that is used to others working according to their guidelines, and not the other way around. The more the SEC is exposed to pressure, the greater their resistance will be. We can discuss the reasons why they behave like this, but in my opinion the main reason is that they do not want to give even greater legitimacy to Bitcoin, especially since many think that it would greatly change the rules of the game.

[Bushdark]

Even from what news were making the rounds some years ago everyone would believe that by now the Bitcoin ETF will be a popular thing. That is not the case now from what is going on. We hardly hear about it.

Only the US authorities are resisting in the authorising path of a graded ETF (or ETN) as other instruments get approved, their position become harder and harder to justify as every day passes.

Do we still need to care about the United States delaying the progress of ETF?
We don't need to be surprised if we keep seeing fidelity investments going to Canada, Germany, Brazil etc to offer Bitcoin ETF. I think the American government don't want to make it legal and that calls for scrutiny of what could be the reasons.



I hope to get a clear agitation on this when the US gdp cost is roughly 4× than that of the UK.


https://twitter.com/Blockworks_/status/1468608811002998789?t=JvRcOEGyoujgAPUUG1bTBg&s=19
https://twitter.com/Blockworks_/status/1476222541895196676?t=-4EHGLQ_wDRdyx2kZsR_qw&s=19

[adaseb]

There are many of these physical Bitcoin etf already out. A couple of years ago in Canada it was launched and prior to that there were some in other countries. Pretty much anywhere except USA for some reason.

No idea why they are taking this long. I remember when they rejected the winklovoss etf back in like 2016 because they deemed it unsafe and then later approved the Bitcoin futures etf.

Why they are doing it this way I will never understand.

[Hydrogen]

Germany is emerging as the "golden boy" of the european union.

The main thing which might restrict germany's rise as a global crypto power is the EU's AML (anti money laundering) regulation. The introduction of global crypto regulation, as well as additional regulatory hoops to leap through for investors, could both be significant deterrents to attracting investment capital. Germany's close physical proximity to the russian ukrainian conflict is also another negative against it.

There are a few EU nations currently pandering to crypto investment. Spain and portugal have introduced "digital nomad" visas in an effort to attract crypto investors and remote workers. With some success.

The EU must find ways to boost tax revenues to spend higher percentage points of GDP on defense. Crypto is one logical market to tap.

[Hispo]

Not to be surprised if we think about it. Germany has been Bitcoin accepting in general for a long time, actually, as far as I know several of our valuable members of this  community are from Germany and I even remember checking the location of the Bitcoin network nodes, being many of them in Germany.

Anyways, congratulations to people from that beautiful country and let us expect Bitcoin can reach other traditional markets (for those who are not interested in self-custody).