Looking to strengthen its market share in the Asia region, Wintermute will be a liquidity provider to the recently launched Hong Kong-listed spot bitcoin and ether exchange-traded funds, the company announced Wednesday.
The London-based firm is partnering with OSL Digital Securities and HashKey HK Exchange, both of which are sub-custodians of virtual asset trading platforms facilitating the operation of the ETFs, according to the statement.
“Crypto ETFs provide a means for investors at all levels to enter into the world of digital assets through a regulated and government-endorsed investment vehicle," said Wintermute CEO Evgeny Gaevoy. "[They] play a key role in bringing the next wave of investors into the crypto space, both institutional and retail … Increasing access to digital assets will play a critical function in further accelerating growth, and Wintermute is excited to play a key role in that process.”
The market maker will help both OSL and HashKey with the buying, selling and delivery of the underlying assets of the ETFs, in this case bitcoin (BTC) and ether (ETH), to allow for a seamless creation and redemption process.
The partnership is part of a broader expansion to the Asian market, the company said. “Hong Kong has established itself as a leading advocate for crypto in the APAC region, and we are hopeful that other countries will follow their lead in the near future,” Gaevoy said.
The three Hong Kong-listed bitcoin ETFs, which went live on April 29, have so far seen a slow start compared to their counterparts in the U.S. As of the close on Monday they had accumulated just shy of 4,400 bitcoins or roughly $276 million in assets under management.
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