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.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

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

Research report - cover graphics (1).jpg

Research

In this report, we dive into crypto private market data to gather insights on where the future of the industry is headed. Despite a notable downturn in private raises, capital continues to infuse promising projects that aim to transform payments, banking, consumer experiences, community, and more, with 2023 being the fourth-largest year for crypto venture capital.

article-image

The results mark “a major positive inflection point,” one analyst says, as the exchange carries net income momentum into a crypto rally

article-image

While the slate of 10 US spot bitcoin funds have tallied $4.6 billion of net inflows thus far, half of the field is lagging the leaders

article-image

Trading volumes totalled $154 billion in Q4, including $125 billion in institutional volume

article-image

DeFi on Bitcoin is all the rage right now and Stacks is positioned to benefit

article-image

The Boston Globe reports that lawyer John Deaton is weighing a possible bid

article-image

Ethereum’s Dencun upgrade will enable Uniswap v4 to optimize smart contracts for complex functionality