##Leading Stock Exchanges in Switzerland, Germany, Austria Now List Bitcoin ETP

 

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A bitcoin exchange-traded product by 21Shares is now listed on leading stock exchanges in three countries: Switzerland, Germany, and Austria. The company offers 11 cryptocurrency exchange-traded investment products in total.

Growing Number of Stock Exchanges List Bitcoin Products

Zug-based 21Shares announced Tuesday that its bitcoin exchange-traded product (ETP) has been admitted to Wiener Börse, the Vienna Stock Exchange. With this latest listing, the company wrote:

The 21Shares bitcoin exchange-traded product (ABTC) “are passported into Austria and authorized for distribution for both retail and institutional investors using a familiar and widely accepted financial structure,” the company clarified.

ABTC is trading on the Six Swiss Exchange in USD, EUR, CHF, and GBP. It was admitted to Frankfurt-based Deutsche Boerse Xetra for trading in EUR in July. According to the 21Shares website, the product can also be found on Boerse Stuttgart and BX Swiss.

In addition, the company announced Monday that its short bitcoin ETP had been admitted to the Deutsche Boerse Xetra for EUR listing. This investment product is also listed on the Switzerland-based Six Swiss Exchange in USD and Boerse Stuttgart in EUR

Laurent Kssis, Managing Director at 21Shares in charge of the application with Deutsche Boerse, commented: “We have lobbied carefully but vigorously with the exchange to be in a position to launch the world’s first centrally cleared short bitcoin ETP on a regulated trading venue,” adding that “The one missing trading product was to deliver a fully transparent financial instrument to capitalize on negative price movements within a complete regulated framework.”

“The 21Shares Short Bitcoin ETP (Ticker: SBTC) seeks to provide a -1x return to the performance of bitcoin for a single day. This product obtains short exposure through borrowing bitcoin and simultaneously selling it on an execution platform,” the company explained on its website. “SBTC is an innovative financial instrument that allows investors to gain exposure to the negative price movement of bitcoin,” the announcement clarified.

With over $100 million in total listed assets under management, the company offers 11 varied crypto exchange-traded products. Six of them are single asset products tracking the price of bitcoin (BTC), ethereum (ETH), bitcoin cash (BCH), ripple (XRP), binance (BNB), and tezos (XTZ). Only one product, SBTC, is an inverse ETP. The company also offers four index-ETPs: Crypto Basket Index, Bitcoin Suisse Index, Sygnum Platform Winners Index, and Bitwise Select 10.

21Shares AG is a Swiss company registered in Switzerland’s canton of Zug, with offices in Zurich, New York City, and Berlin. Its ETPs were previously called Amun ETPs but their names were changed in March. “The entire suite [of 11 crypto ETPs] is listed on a regulated framework on the official market of Deutsche Boerse, Six Swiss Exchange, BX Swiss and some on Boerse Stuttgart in CHF, USD, GBP and EUR respectively,” the company noted. All of the 21Shares crypto ETPs can be purchased via any broker or bank with access to the exchanges the products trade on.

##Out of Control ETH Fees Return to All-Time High

 

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The average Ethereum transactions now costs over $13

Critics say this undermines the usability of blockchains

ETH proponents point out solutions and promise upgrades in ETH 2.0

With the rise of the decentralized web came a rise in Ethereum traffic. September 1, 2020, broke a new record with the average transaction cost topping $13.

Reports of long wait times and astronomical Uniswap fees are pushing the crypto community to its breaking point.

Cheaper to Hire Fedex Than Use ETH

Saving on gas left some users waiting 12 hours or more for their transactions to go through. In the fast-paced world of Uniswap and speculation, that’s a long time.

Some Reddit users have pointed out that high ETH fees contradict the purpose of fast, trustless transactions. With wait times like these, some have argued, it would be faster and cheaper to send a check with overnight shipping.

One reddit user posted a ghastly screenshot on the r/Nexo subreddit. This image shows a transaction of 504 Nexo (NEXO) tokens (about $80 at the time) with a fee of 184 Nexo tokens (about $30) at the time.

Reddit user Ed_Atts offered an explanation. With the high price of ETH and liquidity pool arbitrage opportunities,

##DeFi Token UMA Surges Above $1 Billion Market Cap

 

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While Chainlink remains at the top of the DeFi market cap rankings, there's a wild battle for second between UMA, Aave, and yearn.finance.

As August gave way to September, some DeFi tokens likewise made way near the top of the DeFi market cap rankings for UMA.

On Tuesday of last week, UMA had a market cap of around $392 million, according to data from CoinMarketCap. A week later, UMA's market cap is north of $1.1 billion. That's enough to put it in second-place behind Chainlink, which has a massive $5.6 billion market cap.

The movement places UMA above yearn.finance, which at this point last week had a market cap of $404 million. While yearn.finance has grown at an explosive rate, it hasn't grown quite as explosively as UMA,

Also in the mix is current DeFi darling Aave, which is relatively stable, at least as far as decentralized finance goes. It's moved downward, from $988 billion to $957 billion, over the last seven days.

With the market cap for some DeFi coins doubling in the course of a week, it means that tomorrow, of course, things may look very different. Sushi, for example, didn't exist last week. Now, it has a market cap of $188 million, good for 74th on CoinMarketCap's rankings.

UMA, short for Universal Market Access, refers to itself as a "decentralized financial contracts  platform." Its token uses the ERC-20 standard from the Ethereum blockchain, allowing users to create their own synthetic tokens—and derivatives contracts.

In the Wild West world of DeFi, of course, users are looking to create more than just tokens. They're in it for the money. And there's a lot of it trading hands at the moment. How valuable all those assets will be this time next week, however, is anyone's guess.

##Banking App Revolut Adds Bitcoin Cash, Litecoin Trading for US Clients

 

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Revolut started offering Bitcoin and Ethereum to its US customers in July.

In brief

The US version of Revolut now supports Litecoin and Bitcoin Cash.

You can buy, sell and hold it.

You can trade crypto with other Revolut users, but you can't transfer the crypto out of the app

Revolut, the challenger bank that lets its customers buy, hold and sell cryptocurrencies, today announced that its US customers can now use Bitcoin Cash and Litecoin. That means that US customers of Revolut can now buy, hold and sell four cryptocurrencies, the others being Bitcoin and Ethereum. 

Both Bitcoin Cash and Litecoin are Bitcoin spinoffs. Bitcoin Cash, the seventh-largest coin by market capitalization, is identical to Bitcoin save for its block size, which is eight times larger. Litecoin, the ninth-largest coin by market cap, is also similar to Bitcoin; its main differences include a different hashing algorithm and block transaction times. 

London-based Revolut is a challenger bank, meaning that it tries to beat regular retail banks at their own game. For Revolut, this means a shiny app, lower currency conversion fees, and the ability to create new debit cards at the press of a button. Oh, and the crypto stuff. 

The bank is very popular. Revolut disclosed in its most recent financial statement, published on August 12, that it holds £2.2 billion in fiat holdings. In February, the bank raised $500 million in a funding round.

Revolut started offering crypto to its European customers in December 2017 and brought crypto trading to its US customers in July. (It only launched its debit card in the US in March). For European customers, Revolut also supports Stellar and XRP.

There are a few catches to Revolut’s crypto offering in both Europe and in the US. The main caveat is that you don’t have custody over the Bitcoin you buy—Revolut handles it on your behalf. Accordingly, you can only send cryptocurrencies to other Revolut users. 

That means that you can’t transfer it to another wallet or buy ETH to use on decentralized finance protocols, such as non-custodial lending protocols or synthetic stocks (DeFi is the hot topic du jour of the cryptosphere—investors have poured over $9 billion into its smart contracts).

It also means that you can only sell it back to Revolut; you can’t sell it, for instance, on Binance. A spokesperson told Mashable in July that these services are “a focus for the product team going forward.”