Published: Mon, July 09, 2018
Money | By Ralph Mccoy

Europe’s Biggest ETF Trader Enters the Crypto World

Europe’s Biggest ETF Trader Enters the Crypto World

Flow Traders NV, Dutch speed trading firm and the first Exchange Traded Fund (ETF) provider in Europe, has taken a step into the crypto market, despite warnings from the Authority for the Financial Markets (AFM). Ironically, the Amsterdam-based speed trader has entered into cryptocurrency arena when its regulator continues to campaign against trading cryptocurrencies. The Dutch firm has traded over United States dollars 284 billion in ETFs in the first quarter of 2018, making it the largest ETF firm in Europe.

On its part, the Dutch Authority for the Financial Market has remained strongly opposed to crypto, releasing a statement where it described it as "prone to abuse" and "not an asset class".

It's big, and it is to be regulated very soon. He also said that people don't think high of the market participants, even though they are professionals. "Institutional investors are interested- we know they are because we get requests". Availability of public traded notes will increase the appeal of cryptocurrencies as an asset class. He stated that the new approach has "great indirect benefits" for the development of Flow Traders NV's foreign exchange trading business. The company's move into crypto has already made a significant impact on the fledgling market for crypto notes, with XBT Provider, an issuer of crypto ETNs listed in Sweden, reporting that the Dutch company has "dramatically increased" trading of its securities in the last few months.

Furthermore, ETNs are simple, straightforward and cost-effective way of investing in cryptos such as Bitcoin and Ether. As of yet, Dijkstra has not addressed whether or not Bitcoin or Ethereum will be utilized by Flow Traders to hedge each trade.

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"With the growing interest from institutional clients willing to invest in digital assets, I can see why so many proprietary trading businesses are now focusing on this new asset class."

Essentially, ETNs aim to lower slippage while increasing liquidity.

Flow Traders traded 244 billion euros ($284 billion) of ETFs globally in the first quarter of 2018, including 143 billion euros in Europe, making it the region's biggest trader of the securities. "Given its inability to serve the promised goal as a currency, we don't regard it to be an asset class", said Torensma. Now the trading platform has announced it's entering the cryptocurrency space by providing customers ethereum and bitcoin ETNs. Goldman Sachs is setting up a cryptocurrency trading desk.

CCN reported in March that Coinbase was granted a UK E-Money License and a bank account with Barclays.

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