Europe welcomes its first ETP based on the Morgan Stanley index. The ETP will be based on a new MSCI index that tracks 20 leading digital assets to be launched on Germany’s Deutsche Börse XETRA in April. So, which altcoins are included in the index?
ETP excludes some altcoins, includes leading cryptos
ETC Group, a provider of digital asset-backed securities, announced today that it will list Europe’s first index-based crypto ETP based on an index from Morgan Stanley. The ETP will be based on the MSCI Digital Asset Select 20 ETP and will be launched on Germany’s Deutsche Börse XETRA in April. MSCI developed the index with input from ETC Group earlier this month and capped each component to a maximum of 30%.
The index excludes stablecoins, privacy tokens and meme coins. It also tracks the value of 20 ‘leading digital assets’, including leading crypto Bitcoin (BTC), leading altcoin Ethereaum (ETH) and Solana (SOL).
The ETP will be physically backed by the underlying assets deposited in cold storage according to index composition and weight. Investors with standard securities accounts will be able to buy and sell the product, such as stocks or ETFs, once listed. Tim Bevan, CEO and founder of ETC Group, said that this is the first truly broad market index ETP in the crypto market. Bevan noted that the index’s coverage will make the new ETP an ideal asset allocation tool for investors.
EU and ETPs
The first ETP in Europe was launched in 2015. This is why Europe has long been fertile ground for products traded on various crypto exchanges. cryptocoin.comSince the launch of Bitcoin Tracker One, a product that tracks the price of BTC, European exchanges in Switzerland, France, the Netherlands, and Germany have each listed various digital asset ETPs. However, only some of these ETPs were based on indices and none were based on an MSCI index.
Morgan Stanley Capital International is the leading provider of indices that serve as a key tool for benchmarking a wide variety of assets worldwide. An ETP based on the MSCI index is a remarkable advance for the European crypto industry. Because it legitimizes the crypto market for investors from traditional finance. According to Stephane Mattatia, head of thematic indices at MSCI, the crypto market is developing rapidly, increasing investors’ demand for access to cryptocurrencies.
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