The massive impact decentralized ledger technology (DLT) is having within the financial services industry has now led Saxo Bank to offer clients access to trade the Ethereum ETNs issued by XBT Provider AB which were listed on Nasdaq OMX Stockholm stock exchange earlier this week.
Available on Saxo Bank’s multi-asset trading platforms, SaxoTraderGO and SaxoTrader, leverage is not allowed when trading these four ETNs.
Prior to this announcement, Saxo Bank had already offered clients access to two Bitcoin Tracker ETNs also listed on Nasdaq OMX Stockholm.
Claus Nielsen, Head of Markets at Saxo Bank, said: “We have increasing client demand for exposure to cryptocurrencies and I am very pleased that we can now offer clients exposure to both Bitcoin and Ethereum through Exchange Traded Notes. Cryptocurrency markets are still at an early development stage and we find that listed products like ETNs without leverage, offering high levels of transparency, are good ways to include cryptocurrencies in our multi-asset product offering spanning more than 35,000 instruments. We continue to follow the developments in cryptocurrency markets and expect to able to add more instruments to our offering going forward.”
Last week, Australian broker ThinkMarkets has expanded its digital currency trading portfolio with a new range of cryptocurrency financial derivatives contracts available to customers, including Bitcoin, Bitcoin Cash, Litecoin, Dash, Monero, Ethereum, Neo and Ripple.
Over the last few months, several other FX & CFD brokers have added cryptocurrency trading to its offering. AvaTrade, who introduced Bitcoin trading in 2013, has added Ethereum, Dash, and Ripple in May 2017. Admiral Markets opened to Bitcoin, Ethereum, Litecoin, and Ripple in July, setting limits to leverage of up to 5:1.
In July 2017, the US Commodity Futures Trading Commission (CFTC) granted LedgerX the registration as a Swap Execution Facility (SEF), becoming the first US-approved Bitcoin Options Exchange.
Still on the topic of blockchain technology, Singapore has appointed management consulting company Accenture to manage and develop a prototype using three distributed ledger technology (DLT) platforms to help create a solution for interbank payments.