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Cryptocurrency trading firm Wintermute will provide liquidity to Hong Kong’s Bitcoin and Ether ETFs
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Cryptocurrency trading firm Wintermute will provide liquidity for Hong Kong-listed bitcoin and ether spot ETFs, the company has announced.
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The London-based company has said it wants to play a bigger role in the Asian market, hence the partnership.
Seeking to strengthen its market share in the Asian region, Wintermute will be a liquidity provider for the recently launched Hong Kong-listed exchange-traded bitcoin and ether spot funds, the company announced on Wednesday.
According to the statement, the London-based company is collaborating with OSL Digital Securities and HashKey HK Exchange, both sub-custodians of virtual asset trading platforms that facilitate the operation of ETFs.
“Cryptocurrency ETFs provide investors at all levels with a means to enter the world of digital assets through a government-approved and regulated investment vehicle,” said Wintermute CEO Evgeny Gaevoy.[They] play a key role in bringing the next wave of investors into the crypto space, both institutional and retail… Increasing access to digital assets will play a critical function in further accelerating growth, and Wintermute is excited to play a key role in this process.”
The market maker will help both OSL and HashKey with the buying, selling and delivery of the ETFs’ underlying assets, in this case bitcoin {{BTC}} and ether {{ETH}}, to enable a seamless creation and redemption process continuity solution.
The partnership is part of a larger expansion into the Asian market, the company said. “Hong Kong has established itself as a major supporter of cryptocurrencies in the APAC region, and we hope other countries will follow their example in the near future,” Gaevoy said.
The three bitcoin ETFs listed in Hong Kong, which it aired on April 29so far I have seen a slow start compared to their counterparts in the U.S. As of Monday’s close they had amassed just under 4,400 bitcoins or about $276 million in assets under management.