In line with a recent report published by financial news media ‘Finextra’, Private bank Kleinwort Hambros revealed an ETN [Exchange-Traded Note] formed up of blockchain-related firms.
Kleinwort Hambros is owned by Societe Generale, acting as their personal wealth management division within the U.K. Societe Generale itself is a renowned international investment bank headquartered in Paris, with total assets of around 1.3 Tln Euros [around $1.4 trillion] in 2018.
According to the report, the new ETN derivative is available for a min. investment of £1,000 which is equivalent to around $1,300 USD and has been listed in Luxemburg. The stocks reportedly embrace 20 firms that ar expected to profit blockchain and DLT [Distributed Ledger Technology] adoption.
Moreover, the firms are expected to earn revenue through the sale of relevant softwares and services or improve their profit margins with the adoption of the decentralised technologies.
The companies that conjure the ETN reportedly come from the technology, shipping, oil and gas, custody banking along with the industrials industries. The press-release further quotes John Birdwood, portfolio manager at the Kleinwort Hambros, stating that the bank detected increasing interest on their clients behalf towards the blockchain technology, prompting the event of the development of the products.
Kleinwort Hambros, per a report ‘revealed‘ by the firm earlier in March last year, has £16.3 Bln of assets [around $21 Bln] beneath the management, over a thousand staff, and offices in London, Cambridge, Newbury, Leeds, Edinburgh, Guernsey, Jersey as well as Gibraltar.
As ‘reported‘ earlier in Jan, the chief executive officer, president and chairman named ‘Ed Tilly’ at the CBOE [Chicago Board Options Exchange], declared that there’s a necessity for Bitcoin [BTC] based ETN [Exchange -Traded Notes] so as for Wall Street institutional investors to join the cryptocurrency ecosystem.
Earlier in March, the U. S. SEC [Securities and Exchange Commission] has ‘delayed‘ its call on a rule amendment to the Securities Act that will permit the listing of Bitcoin based ETF [Exchange-Traded Funds].