ETF issuer Global X ETFs has engaged liquidity provider DRW, a diversified trading firm, as a market maker for its newly launched digital assets ETPs.
The firm writes that the addition of DRW, with its deep expertise in rapidly changing crypto markets will help provide the platform with liquidity from launch.
The Global X Bitcoin ETP (BT0X) and the Global X Ethereum ETP (ET0X), listed on Deutsche Börse Xetra and each with an arranger fee of 0.65 per cent, are physically-backed ETPs that seek to track the value of Bitcoin and Ethereum, respectively. These products are issued by Global X Digital Assets Issuer Limited and, the firm says, provide cost-efficient investment strategies for investors seeking direct access to Bitcoin and Ethereum, with the relative transparency and security of debt securities trading on a regulated stock exchange.
George Taylor, Head of Capital Markets at Global X, says: “We strive to provide investors with reliable liquidity across all of our products, and this sentiment becomes particularly important in a new and evolving asset class like cryptocurrency. DRW has unparalleled institutional and markets expertise and is a leading player when it comes liquidity provision. Global X and DRW share a commitment to innovation, and we are thrilled to expand our relationship with the DRW team to provide liquidity to our digital assets ETPs.”
Bernardus Roelofs, Head of ETF Institutional Sales & Trading at DRW, says: “We are honoured and excited to provide liquidity for Global X’s Bitcoin and Ethereum ETPs on Deutsche Börse Xetra and OTC to institutional counterparties. As a leading global liquidity provider in ETFs, crypto ETPs, spot and derivatives, we are focused on expanding the partnership with Global X as the demand for crypto products continues to increase.”