Bitcoin exchange-traded product to list on Deutsche Börse's Xetra

London-based ETC Group will list a centrally cleared bitcoin exchange-traded product on Deutsche Börse’s Xetra electronic trading market later this month.

According to a press statement published on June 9, the ETP is 100% physically backed and will be distributed and marketed using HANetf’s issuance business.

The German financial regulator BaFin approved BTCE in March, according to the firm. BTCE is physically backed by Bitcoin, with each unit giving its holder a claim on a specific amount of Bitcoin.

“With BTCE, we are transporting Bitcoin into the fold of mainstream, regulated financial markets. Investors get the benefits of trading and owning Bitcoin through a regulated security while having the optionality of redeeming Bitcoin if they choose,” Bradley Duke, CEO of ETC Group, said in a statement.