The London Stock Exchange has announced that it will launch a new marketplace for the trading of %Bitcoin (CRYPTO: $BTC) and %Ethereum (CRYPTO: $ETH) exchange-traded notes (ETNs) on May 28.
The announcement comes after the new %Cryptocurrency marketplace was approved by the United Kingdom’s stock market regulator, the Financial Conduct Authority.
ETNs differ from exchange-traded funds (ETFs) in that they are unsecured assets and more like bonds. In contrast, ETFs provide investments into a fund that holds the assets that it tracks, whether it be stocks, bonds, gold or crypto.
The London Stock Exchange said that it will accept applications for trading cryptocurrency ETNs beginning on April 8 of this year.
However, the Bitcoin and Ethereum ETNs will be available only to professional investors and traders initially. Retail investors will not have access at the outset.
Still, the new ETNs on the London Stock Exchange creates the largest marketplace for Bitcoin and Ethereum in Europe.
British regulators have been moving to make the United Kingdom more crypto-friendly. Government officials have said that they want to make the country a global cryptocurrency hub.
After a steep selloff in recent weeks, Bitcoin’s price has rebounded and is now trading near $71,000 U.S., up 60% so far in 2024.
The price of Ethereum is currently at $3,650 U.S., having gained 55% on the year.