21Shares has announced the launch of its ETP on Bitcoin Cash (21XC) also on the German XETRA exchange.
The ETP on Bitcoin Cash was launched in July 2019 on the Swiss SIX exchange, but now it also lands on an EU market, namely the German XETRA exchange. In addition to 21XC, 21Shares has also launched an ETP on Ethereum, 21XE, on the same German platform.
The Bitcoin Cash ETP
Both the 21Shares Bitcoin Cash ETP (ABCH SW – CH0475552201) and the 21Shares Ethereum ETP (AETH SW – CH0454664027) are fully hedged using Coinbase as an institutional-grade, regulated and independent custodian, and have so far performed on the Swiss market with 53% and 116% respectively.
21Shares, which was previously called Amun, listed its first crypto ETP on the Swiss exchange in November 2018, and has since launched 11 more, the latest of which, Polkadot ETP (ADOT), was launched in February 2021.
Both 21XC and 21XE physically replicate the value of the underlying cryptocurrency.
21Shares CEO Hany Rashwan said:
“While other issuers continue to follow our steps in listing a Bitcoin ETP on a stock exchange, we had time to build the infrastructure and actively conduct regulatory lobbying for other innovative crypto assets and issuances. This is why we were the first to list an ether and bitcoin cash ETP on the Swiss stock exchange and we are now leveraging our expertise to provide investors in the DACH region and beyond with the same institutional reach, safety and cost effective ways to gain exposure to crypto assets. After the immensely successful launch of the first Polkadot ETP just a month ago, we are working on several more launches in the second and third quarter. In this way, we aim to lead the adoption of crypto assets into conventional asset allocations”.
The price of Bitcoin Cash
Incidentally, according to a recent prediction by FXStreet, the price of BCH could quickly rise by 22% to $680 should buying pressure continue to mount.
Indeed, the trend appears to be coming out of an ascending triangle, and the Relative Strength Index (RSI) supports bullish prospects.
Currently, the price of Bitcoin Cash would be in the final stages of a two-week consolidation period, but would have crossed critical resistance raising the odds of a resumption of the uptrend.