World’s largest block-chain focused ETF to start trading on London Stock exchange
Invesco Elwood Global Blockchain ETF will begin trading on the London Stock exchange from Monday the 11th March 2019.
This is being referred to as the "world's biggest block-chain ETF" and is being launched by Invesco Elwood which is a company with over $800 billion in assets. People in the cryptocurrency community have been anticipating this moment and it is truly a monumental moment.
Tawain Semiconductor Manufacturer which supplies cryptocurrency mining machine manufacturers with chips will form part of the 48 different companies with exposure to blockchain technology. The CME group that first regulated US exchange to launch Bitcoin and AMD, Intel, and Apple are also set to join Taiwan Semiconductor Manufacturer on the list.
The CEO of Invesco Elwood Global, Bin Rein, has stated that he believes blockchain can be used in many other sectors other than cryptocurrency and that we have seen the technology used for financial services since the beginning, however, he expects there to be a wider range of industries using blockchain technology.
Chris Mellor, Invesco Elwood Global's head of ETF equity product management in Europe, has stated that Rio Tinto, the mining company, which owns hydroelectric assets could use the energy and have it be used to mine cryptocurrency - as energy is the biggest expense when it comes to mining cryptocurrency. Chris Mellor has made the comment that cryptocurrency has the potential to largely boost earnings, which is often not mentioned when discussing cryptocurrencies.
Investors have recently shown greater interest in cryptocurrencies offered in Wall Street firms.
Until now Amplify Transformational Data Sharing ETF which has about $110 million in assets has been the ETF to attract the highest number of investors' capital, while many other ETFs which have been launched have not been as successful and only brought it small amounts of investors' capital.
It will be interesting to watch the progression of the "world's largest blockchain focused ETF" and to see how this develops further into 2019.