Home Crypto News Finance and Funding Invesco and Elwood Are Speeding Up Crypto Adoption

Invesco and Elwood Are Speeding Up Crypto Adoption

Invesco and Elwood have recently launched a blockchain ETF on the London Stock Exchange. Now, they are aiming to improve cryptocurrency offerings.

Together with Elwood Asset Management, Invesco entered the U.K.’s financial scene. Last week they listed a blockchain ETF on the London Stock Exchange. The ETF has issued 500,000 shares worth $20 million.

It will be used to invest in the 48 companies listed on the Elwood Blockchain Global Equity Index. These include behemoths like Amazon and Apple. Overall, IT companies make up 46% of the list, while the financial companies comprise 23%.

Kevin Beardsley, Elwood’s head of business development, elucidated the reason for choosing these companies:

“The majority of the index is currently allocated to companies where the value attributable specifically to blockchain technology is either in the ‘developing’ or ‘potential’ phase. These are companies with assets that are well-positioned to capitalize on the emerging opportunities for blockchain. Over time, however, we would expect the balance to shift naturally to companies with more significant direct exposure to blockchain-related earnings as the technology becomes more ubiquitous.”

Even bigger plans ahead

However, Elwood is not planning to stop and is now looking to increase its cryptocurrency offerings. In fact, its owner, billionaire Alan Howard plans a range of products to lure big institutional investors into digital assets, according to Bloomberg.
Commenting on the matter, Elwood’s CEO, Bin Ren, noted:

“The only way for institutions to get meaningful exposure to digital assets has been to buy Bitcoin, but many are reluctant or unable to buy Bitcoin – and for good reason. An ETF gives a highly liquid and regulated way to gain exposure. This is the right point to start.’’

The news is encouraging for the crypto community, as it becomes apparent that more big institutions are joining the crypto craze. Last month Altcoinbuzz reported that Bakkt, Intercontinental Exchange’s digital assets exchange, is gearing up for a launch.
Recently, it has also struck two new major partnerships.

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