Altcoin News: Invesco Announced the Launch of the “Largest Blockchain ETF”

March 11, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

While the entire cryptocurrency industry is waiting for the appearance of the first exchange-traded fund for Bitcoin, Invesco announced the launch of the world’s largest ETF blockchain on the London Stock Exchange.

The structure of the newly traded exchange fund, focused on blockchain-related companies, includes 48 companies, including Taiwan Semiconductor Manufacturing, which produces chips for mining cryptocurrency, and the operator of the Chicago Stock Exchange CME Group.

As the head of Invesco’s European Exchange Products Department, Chris Mellor noted, investment firms often do not take into account companies associated with the blockchain. But they can bring a very good income.

The ETF will initially invest in a portfolio of 48 companies based on a proprietary scoring system developed by Elwood Asset Management, a specialist crypto investment boutique backed by Alan Howard, co-founder of the Brevan Howard hedge fund.

Note that there are already exchange-traded funds specializing in blockchain companies in the market, however, they were able to attract a relatively small amount of funds. For example, the largest of these funds, Amplify Transformation Data Sharing ETF, was able to raise only $110 million.

Recall that on February 20, the US Securities and Exchange Commission (SEC) began consideration of the VanEck and SolidX application for Bitcoin ETF.

Author: Marko Vidrih