Societe Generale Division Releases Blockchain Note
British bank Kleinwort Hambros, which is managed by a large European financial conglomerate Societe Generale, reported in a press release about the introduction of a blockchain ETN with active management.
According to the bank representatives, the new tool was added to the listing in Luxembourg and was designed for companies focused on maximizing revenue in the field of distributed ledger technology.
John Birdwood, a Kleinwort Hambros employee, said that the release of the first blockchain note is due to the growing interest in the blockchain technology industry from the bank's customers.
The new asset contains 20 types of securities, sorted by industry. At the same time, the bank set a limit on the minimum investment of £1000 (about $1300).
In January 2019, Edward Tilly, the head of Chicago-based CBOE, said that exchange notes based on digital assets would boost the value of bitcoin. In his opinion, cryptocurrency futures (ETF) presented on the market carry high risks so the listing of ETN will increase investors' confidence. He added that bitcoin-ETN could gain popularity among the residents of North American.
As previously reported, the US Securities and Exchange Commission (SEC) postponed the decision date for two applications for the creation of bitcoin derivatives (ETF).