ETC Group Taps Wintermute to Provide Liquidity for Crypto ETP

DA20, the crypto ETP, will be listed on German stock exchange Xetra followed by other listings throughout Europe

article-image

David Sandron/Shutterstock modified by Blockworks

share

Market making firm Wintermute will serve as the liquidity provider for ETC Group’s new crypto ETP called DA20, or the MSCI Digital Assets Select 20 ETP.  

DA20 was launched on Monday and will track the performance of the MSCI Global Digital Assets Select Top 20 Capped Index, which represents a basket of the 20 leading digital assets. Bitcoin (BTC), ether (ETH) and solana (SOL) are among the tokens tracked by the index and included in DA20. 

The new investment product will first be listed on German stock exchange Xetra, and it will be physically backed. The assets will be held by Komainu, a crypto custody solution that recently set up shop in Dubai, per the release.

DA20 is primarily being considered for institutional investors, according to Evgeny Gaevoy, CEO and co-founder of Wintermute.

“By leveraging our ability to offer competitive liquidity for high-volume crypto trades, investors will know that they are able to best take advantage of any market presented by the DA20,” Gaevoy said in a statement. “We are confident that this product will satisfy the demands of institutional investors, further bridging the gap between the crypto and traditional markets.” 

The index that DA20 tracks was developed by MSCI and ETC Group in early March. It doesn’t include stablecoins, pegged coins or privacy coins. It also doesn’t include what it deems “memecoins,” per the index’s methodology.

Additionally, MSCI said it will conduct a review every quarter to determine whether the components of the index need to be weighted differently based on the relative daily return performance in US dollars. These reviews will be announced five business days in advance, the methodology states.

Wintermute, which will be responsible for DA20 trade operations, was the victim of a $160 million breach of its DeFi services in September 2022. At the time, Blockworks reported that the firm’s CeFi operations and over-the-counter services remained clean.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

AERODROME TEMPLATE.png

Research

Aerodrome is a "MetaDEX" that combines elements of various DEX primitives such as Uniswap V2 and V3, Curve, Convex, and Votium. Since its launch on Base, it has become the largest protocol by TVL with more than $495M in value locked, doubling Uniswap's Base deployment.

article-image

And a look into the newest name on the Trump ticket: Sen. JD Vance

article-image

Plus, Imran Khan’s intriguing experiment on the speeds of crypto onramps

article-image

The SEC has signaled a timeline to issuers that could lead to a July 23 launch for the ETH funds, people close to the process told Blockworks

article-image

PayPal has unequivocally made a name for itself as a crypto adopter among fintech giants

article-image

Also, a look into how the highly-debated SAB 121 could end up shaking out for crypto custodians

article-image

Vance, an Ohio Republican, is largely seen as crypto-friendly