ETC Group picks Apex for administrative and trustee services
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ETC Group picks Apex for administrative and trustee services 18 March 2021Bermuda Reporter: Becky Bellamy
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Apex Group has been selected to provide ETC Group with administrative support and trustee services for BTCetc ETC Group Physical Bitcoin, an exchange-traded cryptocurrency (ETC) that tracks the price of bitcoin, distributed by HANetf.
As part of the mandate, Apex will provide trustee oversight services to ensure delivery on payment for the BTCE Bitcoin ETC.
BTCE Bitcoin ETC is listed on Deutsche Boerse’s XETRA and SIX Swiss Exchange, which has accumulated over $1.2 billion in assets under management since its launch in June last year.
Apex will also provide back-office administration support services reconciling the subscription/redemption activity for the note.
The product tracks the price of bitcoin and is 100 per cent physically backed, providing investors with regulated and digitally secure access to the cryptocurrency.
Apex also provides services to The Royal Mint Physical Gold ETC, distributed by HANetf and which is designed to offer investors an effective way to access the gold market as it tracks the spot price of physical gold.
Bradley Duke, CEO of ETC Group, explains that this product is the first of its kind in the market and “we have been impressed by Apex’s flexibility and speed at which they are able to embrace and adapt to the fast emerging world of digital currency markets”.
“By working with Apex, we are able to focus on our key business priorities: executing our exciting expansion plans and launching further products which provide investors with physical Bitcoin exposure whilst benefiting from the safety and liquidity of an exchange-traded product,” Duke adds.
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