###Ethereum First": Investment Product Opens for Trading on Nasdaq Exchange
The appetite for more professional cryptocurrency investment options continues to grow apace.
Announced today, an exchange-traded note for the cryptocurrency ether, one backed by a former JP Morgan trader, has successfully launched on Nasdaq Stockholm. And while the market reaction may be more subdued than on an ETF approval, it’s no less a milestone – for both the underlying asset and the product itself.
Stepping back, it’s important to remember how far ethereum has come, and what it says about the larger diversification among cryptocurrencies so far seen in 2017.
After all, the cryptocurrency saw its first major listing in 2016 at a time when bitcoin was more than 80% of the total market. A year-and-a-half later, we now have an investor-grade product for an "asset class" in which bitcoin comprises just 50% or so of the total investment.
So, what does this mean? Yes, it’s only one exchange and one country so far, but it’s a start.
With it, we now have added evidence that impressive gains seen in the sector outside bitcoin are attracting serious interest, and serving as a real catalyst for deeper change