Last updated on January 2nd, 2018 at 12:00 am
Sweden is now the home of the world’s first Bitcoin-based security on a regulated exchange. The Nasdaq Stockholm exchange kicked off cryptocurrency trading on Monday (18th), following approval provided by Sweden’s financial watchdog.
The Finansinspektionen approved the launching of Stockholm-based Bitcoin tracker XBT Provider AB in late April. At the time, the venture announced it would start trading on May 18th.
Behind the new platform is the Swedish firm KnC Miner, a major manufacturer of mining hardware currently working with Bitcoiners in more than 120 countries. With $75 million in turnover generated in only eight months after its launch in June 2013, the mining equipment producer has also opened a new data hub in northern Sweden, in 2014.
Following KnC Miner’s effort to create XBT Provider, the new platform’s team is now “proud to offer the world’s first ‘Bitcoin tracker’ to be traded on a regulated exchange.”
“By enabling this easy and secure way to invest in Bitcoin we hope to have eliminated the boundaries that earlier prevented individuals and companies from being able to actively invest in what we believe to be the future of money,” said Alexander Marsh, CEO of XBT Provider.
According to Staffan Helgesson, board member of XBT Provider, the company believes “these are exciting times for the Bitcoin ecosystem.”
“The Bitcoin Tracker One will be the world’s first financial instrument that provides consumers and institutions the possibility to invest in Bitcoins without holding coins themselves.”
The Bitcoin Tracker One has been designed “to provide investors with convenient access to the returns of the underlying asset, US dollar per Bitcoin, less investor fees,” the company added. However, at least one Swedish fintech expert is urging the new users to be careful.
“Bitcoin stands for a new digital world, free from the banking system. It’s almost somewhat political. You shouldn’t put more money towards Bitcoin than you would bet on a horse race. You can win, but also lose everything,” savings analyst Claes Hemberg of the Avanza bank told Swedish news agency TT.
Hemberg added: “I get worried when people think that Bitcoin has a determined value. People have so far agreed that they are worth this or that much, but that’s just like the value of a collectors’ item. It’s an agreement between buyer and seller.”