Friday, June 2, 2017

Britain's largest broker offers bitcoin investment

Britain

Britain's largest online trading platform, Hargreaves Lansdown, is to allow its customers to invest in bitcoin, the alternative digital currency.

The broker, which administers £70bn of investors' money, will give its 876,000 customers access to a fund that tracks the price of bitcoin, the best-known of a new breed of alternative currencies.

The fund, offered by a Swedish company, XBT Provider, is structured as an "exchange-traded note" (ETN). This is a fund listed on the stock exchange, meaning it can be bought and sold like a share. 

XBT buys complicated "synthetic" certificates, listed in US dollars, that aim to track the price of bitcoin. The ETN itself is denominated in Swedish krona. British investors are therefore exposed to two levels of currency risk.

Full story at http://bit.ly/2rxws23

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