The integration of digital assets into traditional finance has given rise to the partnership between 21Shares snd comdirect, this partnership will be interesting for investors looking to invest in cryptocurrencies.
21Shares, a cryptocurrency exchange-traded product (ETP) issuer, has partnered with comdirect, a renowned online brokerage in Germany, to extend its ETPs to savings accounts.
comdirect’s almost 3 million users will be able to integrate physically-backed crypto ETPs into their Spar savings accounts as a result of the cooperation. According to 21Shares, this is the first time that investors can get crypto exposure through their savings accounts.
According to Marco Infuso, a managing director at 21Shares, the new product will allow comdirect clients to include cryptocurrency in their retirement planning, as well as onboard investors who have been hesitant to dabble in Bitcoin (BTC) and other cryptocurrencies due to a lack of investment options.
“Empowering people to select how they invest for their retirement has resulted in the development of such a project,” he said. “This is quite exciting for any investors who have been considering purchasing bitcoin but have been unable to do so due to a lack of appropriate investing instruments to successfully store them in a savings plan.
21Shares and other crypto asset companies have been attempting to integrate digital assets into traditional finance. Bitcoin ETPs have proven to be a popular choice among investors looking for a different way to invest in cryptocurrencies.
21Shares was the first cryptocurrency issuer to publish a fully collateralized Bitcoin ETP on German marketplaces in 2019.
The startup teamed up with asset management Ark Invest just last month to file for a Bitcoin exchange-traded fund in the United States.
Although the US Securities and Exchange Commission has yet to approve a Bitcoin ETF, Todd Rosenbluth believes that regulators will begin to soften their attitude in the coming years.
According to the head of ETF and mutual fund research, a Bitcoin ETF in the United States could be approved by 2023.
