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Hargreaves Lansdown offers second cryptocurrency ETN

Hargreaves Lansdown offers second cryptocurrency ETN

Cryptocurrency enthusiasts can now access a second instrument via Hargreaves Lansdown in the shape of an Ethereum exchange traded note (ETN).

Earlier this year, Hargreaves clients were given access to Bitcoin via an ETN which can be placed in a Sipp, although not an ISA.

Ether is the unit of cryptocurrency used on the Ethereum blockchain. The two ETNs, COINETH:SS and COINETHE:SS are denominated in Swedish krona and euro respectively.

Danny Cox, head of communications at Hargreaves Lansdown, described the new tracker as a ‘complex investment for sophisticated self-select investors.”

Swedish company XBT Provider is behind the deal with the UK's most popular online investment platform. XBT also runs the bitcoin product.

The move comes as interest in cryptocurrencies hits new highs with enthusiasts and sceptics getting ever more vocal in their views.

Bitcoin recently it a record high, passing through the $6,100 mark as more investors and a number of countries such, as Japan, start to embrace the cryptocurrency. Bitcoin now trades at around $5,700 with a market capitalisation of around £71.3 billion.

Ethereum is now the second most popular cryptocurrency and is trading at $309 with a market cap of £22 billion.

 

 

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