Iconic to launch world’s first EOS crypto ETP

Apr 8th, 2022 | By | Category: Alternatives / Multi-Asset

Digital asset investment manager Iconic Funds has announced the imminent launch of the world’s first ETP providing directly backed exposure to EOS, the native token underpinning the EOS.IO network.

Patrick Lowry, CEO of Iconic Funds.

Patrick Lowry, CEO of Iconic Funds.

The Iconic Physical EOS ETP (IEOS GY) will list on Deutsche Börse Xetra in euros in the coming weeks.

The EOSI.O blockchain network enables the creation of decentralized apps using common programming languages like C++, potentially opening up the development of blockchain applications to a much wider audience of developers.

The smart contract platform claims to eliminate transaction fees and also conduct millions of transactions per second.

With a total market capitalization of $2.4 billion, EOS is currently ranked as the 51st largest cryptocurrency globally.

The ETP will offer institutional investors easy access to EOS through a liquid, regulated vehicle without the technical challenges of setting up private keys or crypto wallets.

It will use full direct, so-called ‘physical’ replication with each ETP share being 100% collateralized by a corresponding investment in EOS. Physical (in a digital sense) EOS tokens will be stored using institutional-grade, cold-storage custody solutions.

The ETP will come with an expense ratio of 0.95%.

Commenting on the launch, Patrick Lowry, CEO of Iconic Funds, said: “Iconic’s vision is to embrace investors accessing the crypto market through our traditional investment vehicles. It is exciting to see the diversity of investment products coming to market, and our newest ETP will provide even more access to more people.”

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