Hashdex Receives Approval For Crypto ETPs In Switzerland, Is U.S. Next?

Hashdex, Latin America’s largest crypto asset manager, received approval from a Swiss exchange to list crypto exchange-traded products (ETPs), the company said on Monday. The Brazil-based crypto asset manager seeks to expand its crypto products and services to Swiss and European investors as crypto adoption grows in Europe.

Hashdex serves over 260,000 investors and has more than $750 million in assets under management.

Hashdex seeks Europe expansion

Launched in 2018, Hashdex has successfully expanded into Brazil, the U.S., and now, Switzerland. In March-end, the crypto asset manager named crypto ETP and ETF expert Laurent Kssis as managing director and head of Europe to show its intention to expand drastically across the continent.

Bruno Sousa, Head of Global Expansion of Hashdex, asserts that the company’s foothold in Zurich, Switzerland will help expand its crypto ETPs and other services across Europe. He said:

“Building on the success of our range of solutions on the other side of the Atlantic, our goal is to make them available in Switzerland first and soon across European investors. Switzerland offers a legal framework conducive to crypto assets and is a crucial step in our global development.”

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While some crypto players do offer ETPs focused on a single cryptocurrency, Hashdex aims to offer exposure to multiple cryptocurrencies through its products. The crypto asset manager is currently recruiting employees across European countries’ capitals including London, Paris, Lisbon, and Zurich.

In fact, several companies, including WisdomTree, Fidelity, and Helveteq have launched crypto-based ETPs on the SIX Swiss Exchange as the demand for crypto gained popularity from institutional and retail investors.

Crypto ETFs face a wall in the U.S.

But while Europe, Brazil and Canada have seen a flourishing number of crypto-related ETFs, the United States has lagged them in approving a spot Bitcoin ETF.  The strict stance of the Securities and Exchange Commission and several leaders has hampered attempts by companies such as Greyscale, Ark Capital, and Skybridge to list an exchange traded fund that directly tracks crypto prices.

Hashdex also has a horse in the race for a U.S. spot ETF. A recently approved Teucrium Bitcoin Futures ETF now carries the Hashdex brand, and could eventually lead to the approval of a spot Bitcoin ETF. The SEC also faces growing pressure from industry bodies to approve a spot ETF.