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Digital asset manager ETC Group is introducing an institutional-grade Tezos exchange-traded exchange-traded product (ETP) on Deutsche Börse XETRA under the ticker symbol EXTZ.
With EXTZ, the native token of the Tezos blockchain, XTZ will find its way to investors across 16 European Union countries amidst increasing institutional demand for high-flying altcoins and going beyond cryptocurrencies like Bitcoin and Ethereum’s ether,
ETC Group co-CEO Bradley Duke said in a press statement:
“We’re responding to demand from institutional investors who’re looking to invest in Bitcoin and Ethereum challengers by adding the Tezos-based ETC [exchange-traded cryptocurrency] to our portfolio.”
Tezos is not the only blockchain that the ETC Group is interested in. It says it looking to list a total of five brand new cryptocurrency products this month, giving investors exposure to the fastest growing layer 1 blockchains, Tezos, Polkadot, Solana, Stellar and Cardano.
Institutional investors prefer dabbling into exchange-traded crypto funds as they are easy to purchase, comply with regulations and are backed by a predefined amount of the underlying commodity or cryptocurrency.
Tezos was able to reach a large global audience this year after renewing their partnership with Formula One’s Red Bull Racing Team.