NEW YORK, April 22, 2021 /PRNewswire/ — Enigma Securities Ltd. (“Enigma”), a full-service crypto platform for institutional investors, executed an agreement with Iconic Funds BTC ETN GmbH (“Iconic Funds”) as an authorized participant for a newly created Bitcoin Exchange Traded Product (“ETP”). The Bitcoin ETP is planned to be listed for trading the week of April 26, 2021. Each fully Bitcoin-collateralized Note of the ETP represents a claim on a specified amount of Bitcoin, less applicable fees, and will trade under the ticker symbol XBTI with an ISIN of DE000A3GK2N1.
Enigma will facilitate note share creation and redemption process for the newly created ETP, leveraging its existing operational and regulatory infrastructure in both traditional securities and cryptocurrency. “We are excited to work with Iconic to bring their exchange traded product to our service platform as we continue to expand our digital asset offerings and access products to meet the needs of institutional demand,” said Wilfred Daye, CEO of Enigma. “Iconic and Enigma are like-mined pioneers in creating valuable access products, allowing compliant and cost-effective access to cryptocurrency exposure,” said Mr. Daye.
Patrick Lowry, CEO of Iconic Funds and publicly-traded Cryptology Asset Group, said “Iconic’s aim is to provide a seamless and trusted manner for institutions and investors to gain exposure to crypto assets, which is why we have structured the physically-backed Bitcoin ETP. Authorized Participants are a key component of such a structure and we are ecstatic to partner with Enigma to facilitate the creation and redemption process of Iconic Funds’ ETP.”
Iconic Funds is perpetually at the forefront of crypto asset adoption, investing in the crypto space since 2017 and having issued one of the EU’s first fully licensed crypto asset index funds in early 2020. By issuing a physically backed Bitcoin ETP – and one of the most cost effective of its kind – Iconic further cements itself as one of the most innovative asset management groups in the world.
The prospectus is available at https://funds.iconicholding.com/xbti-iconic-funds-physical-bitcoin-etp/ .
About Enigma Securities Ltd. (www.enigma-securities.io/)
Enigma Securities Ltd. is a leading, regulated technology-driven financial institution, dedicated to corporate client solutions for crypto assets. Headquartered in London, the firm works with institutional and corporate clients to provide a full suite of crypto services and bespoke liquidity solutions through EnigmaXTM, a proprietary electronic platform with REST, Websocket and FIX API supports.
In response to growing institutional demand for trusted digital asset trading, Co-Founders Michael Halimi and Avi Bouhadana first established Enigma in 2017 as the crypto arm of international brokerage firm Makor Group. Wilfred Daye is the CEO of Enigma. Enigma is one of the first regulated brokerage firms to set up banking relations and custody solutions to meet institutional standards.
Since its launch, the firm has expanded its capabilities targeting full-stack institutional offerings and operating under a client-focused agency business model. Enigma bridges the gap between traditional financial services and cryptocurrency markets through fintech innovations. For more information about Enigma, visit: https://www.enigma-securities.io/
About Iconic Funds BTC ETN GmbH:
Iconic Funds BTC ETN GmbH is a wholly owned subsidiary of Iconic Funds GmbH and the issuer of a physically backed Bitcoin Exchange Traded Product (“ETP”) (ISIN: DE000A3GK2N1; Ticker: XBTI). Iconic Funds GmbH is the holding company of a series of subsidiaries that manage and issue crypto asset investment products. Collectively, Iconic Funds GmbH and its subsidiaries are branded as “Iconic Funds.” Iconic Funds is a joint venture between Iconic Holding GmbH and Cryptology Asset Group p.l.c. (ISIN: MT0001770107; Ticker: CAP, formerly 4UD). Iconic Holding is a portfolio company of FinLab AG (WKN 121806 / ISIN DE0001218063 / Ticker: A7A), High-Tech Gründerfonds (“HTGF”), Cryptology Asset Group p.l.c. and Titania Investment Group OÜ.
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