DeFi Technologies' subsidiary Valour has launched a BTC staking exchange-traded product (ETP) on the London Stock Exchange, providing investors with new opportunities for crypto returns as the UK gradually relaxes restrictions on digital assets.
According to an official announcement on Thursday, this BTC staking ETP offers a 1.4% annual yield, supported by BTC in cold storage, with security ensured by multi-party computation (MPC) technology.
Currently, this innovative BTC staking ETP is only available to institutional and professional investors. Notably, the UK will lift the ban implemented in 2021 on October 8, allowing retail investors to purchase crypto exchange-traded notes (ETNs) again.
The announcement did not detail the yield generation mechanism. However, another BTC ETP listed by Valour on the French exchange generates BTC returns by delegating tokens on the Core Chain. The Core Chain is an EVM-compatible Layer 1 blockchain supported by BTC's proof-of-work consensus mechanism.
Google Finance data shows that, influenced by this news, DeFi Technologies' stock closed up 5% on Nasdaq.
Although BTC itself does not generate staking returns, holders can obtain returns through various channels, such as centralized lending platforms, BTC Layer 2 networks (like Stacks and Babylon), or by wrapping BTC into Wrapped Bitcoin (WBTC) tokens to participate in DeFi lending protocols.
Cryptocurrency exchange Coinbase launched a Bitcoin yield fund for non-U.S. institutional investors in May. Solv Protocol co-founder Ryan Chow noted that demand for yield-bearing BTC strategies is rising as companies seek liquidity without selling BTC.
BTC and ETH ETPs are set to debut on the London Stock Exchange in May 2024.
Recent signs indicate a significant shift in the UK's regulatory stance towards cryptocurrencies.
On Tuesday, the Financial Times reported that the UK is seeking to strengthen cooperation with the U.S. in the digital asset space, aiming to promote innovation in the sector.
Industry associations are further pushing the government to incorporate blockchain technology into the UK-U.S. technology cooperation framework.
Related: Reports indicate that Nvidia is collaborating with a UK cryptocurrency mining branch to advance AI development.
Original: “New Bitcoin (BTC) Staking ETP Listed on the London Stock Exchange”
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