European asset management firm’s team blocked crypto ETP investment

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Jupiter Asset Administration (JUN) is withdrawing its funding in one among its exchange-traded cryptocurrency merchandise (ETPs).

JUN, a London-listed agency with greater than $65.8 billion in belongings below administration, has pulled out of the funding on account of compliance points, the Financial Times (FT) reported.

Jupiter Gold & Silver fund invested $2.58 million within the Ripple (XRP) 21Shares ETP within the first half of 2023. Nevertheless, the funding was flagged by the corporate’s common oversight course of and was later canceled at a lack of $834.

The FT cites variations within the regulation of cryptocurrencies in Europe as the rationale for the cancellation. Thus, the Jupiter Gold & Silver Fund is positioned in Eire, the place investments in cryptocurrency are prohibited for UCITS funds. On the similar time, a number of different European jurisdictions permit funding funds to retailer cryptocurrency.

In January, funding firms Invesco and WisdomTree reduced administration charges for Bitcoin (BTC) based mostly trade merchandise in Europe by greater than 60%. The rationale was decrease charges for U.S. spot Bitcoin exchange-traded funds (ETFs), which have been admitted to the market on Jan. 11. In keeping with Gary Buxton, Invesco’s regional head of ETFs, launching BTC-ETFs within the U.S. has led to “unprecedented progress within the provide” of such merchandise.

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