LSE Launches Blockchain ETF Trading
The British stock exchange LSE has added to the listing an investment blockchain fund of the Invesco company from the United States, which focuses on organizations seeking to profit from the sphere of cryptocurrency, Financial Times reports.
The Invesco Elwood Global Blockchain ETF is intended to invest in the Taiwanese crypto mining chip producing company Taiwan Semiconductor Manufacturing, the American CME Group, which trades bitcoin futures contracts, and several other firms.
At first, the ETF will financially support simultaneously almost 50 enterprises on the basis of a specific valuation system created by the investment firm Elwood Asset Management with assistance from the Alan Howard's hedge fund.
The potential of a distributed ledger to increase profits does not often affect the value of securities of such enterprises as the mining and metallurgical concern Rio Tinto, which owns assets in the hydropower industry that can be used in crypto mining, Chris Mellor, the chief of Invesco ETF development in European countries, stated.
He was supported by Bin Ren, the executive director of Elwood Asset Management. He believes that blockchain, apart from the financial industry, should be applied in different areas of activity.
As previously reported, the US SEC began to consider the application of VanEck and SolidX, designed to change the rules of the CBOE stock exchange to open bitcoin ETF.