EOS Gears Up for Trading in Europe's Stock Exchanges
In welcomed news yesterday, Iconic Funds, a crypto asset management company, announced the world’s first EOS ETP (Exchange Traded Product). Based in Germany, the company strives to provide investors in the traditional markets with passive and active exposure to crypto assets, which it considers to be the world’s fastest growing asset class.
An ETP is a financial instrument that tracks underlying assets. In this case the EOS token. This will enable traditional investors to gain exposure to EOS (an asset class they might not be familiar with) through means that they’re familiar with.
Patrick Lowry, the CEO and Co-founder of Iconic Funds, said this launch is a special one for him and that the EOS ETP was always at the top of their wishlist.
“Many years ago, Iconic set out to evolve from a VC to a fully-fledged asset manager with our crypto index products. It was only after a chat we had with Brendan Blumer and Christian Angermayer that we became inspired to pursue crypto ETPs.”
Patrick Lowry continues to state:
“Things really kicked into gear last year as we observed the developments in the community, particularly those driven by Brock Pierce and other prominent EOS community members. We wouldn’t be here without you!”*
The EOS ETP will be 100% backed by the EOS cryptocurrency on a 1:1 ratio and use the ticker symbol IEOS, short for Iconic EOS. Iconic Funds plans to list IEOS in three European jurisdictions, namely; Euronext Amsterdam, Euronext Paris, and Börse Stuttgart. In the stock exchanges of the Netherlands, France, and Germany respectively. It’s also registered for sale in a dozen other European nations, including Malta, Italy, Spain, and Switzerland.
Unlike Mutual Funds, ETPs have a lower cost and are flexible like stocks as they can be traded throughout the day. A quality that’s necessary considering the extreme volatility of cryptocurrencies such as EOS where a couple hours could be the difference between realizing a major profit/gain and breaking even.
As of yet there’s no listing date for IEOS but it's expected to be sometime in the coming weeks.
Sources:
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