Crypto Trading Firm Wintermute to Provide Liquidity for Hong Kong Bitcoin and Ether ETFs

The company announced that crypto trading firm Wintermute will provide liquidity for Hong Kong-listed spot bitcoin and Ethereum ETFs.

The London-based company said it wanted to play a bigger role in the Asian market and hence sought the partnership.

The company announced on Wednesday that Wintermute, which is looking to strengthen its market share in the Asian region, will become a liquidity provider to its recently launched Hong Kong-listed spot bitcoin and Ethereum exchange-traded funds.

According to the statement, the London-based firm is partnering with OSL Digital Securities and HashKey HK Exchange, both sub-custodians of virtual asset trading platforms that facilitate the operation of ETFs.

“Crypto ETFs provide a means for investors at all levels to enter the world of digital assets through a regulated and government-approved investment vehicle,” said Evgeny Gaevoy, CEO of Wintermute. “[They] “It will play a key role in bringing the next wave of investors, both institutional and retail, to the crypto space… Increasing access to digital assets will play a critical function in further accelerating growth, and Wintermute is excited to play a key role in this process.”

The market maker uses both OSL and HashKey for the purchase, sale and delivery of the ETFs’ underlying assets (in this case Bitcoin {{BTC}} and Ethereum {{ETH}}) to enable a seamless creation and redemption process. It will help you. .

The company said the partnership is part of a broader expansion into the Asian market. “Hong Kong has proven itself as the leading proponent of cryptocurrency in the Asia Pacific region, and we hope other countries will follow their lead in the near future,” Gaevoy said.

The three Hong Kong-listed Bitcoin ETFs, which launched on April 29, have seen a slow start so far compared to their US counterparts. As of Monday’s close, they had accumulated 4,400 Bitcoins, or roughly $276 million in assets. under management.