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Global X Drops Fees to Zero on European Crypto ETPs

US-based ETF provider Global X has announced a temporary elimination of fees for two physically backed cryptocurrency exchange-traded products in Europe.

Owned by Mirae Asset, the asset manager will be waiving fees on its Global X Bitcoin and Global X Ethereum ETPs until Jan. 3, 2025. Following this period, a fee of 0.29% will be applicable, as per The Financial Times report on Tuesday.

Introduced in March 2022, these investment products commenced trading on stock exchanges in Frankfurt and Zurich with a fee of 0.65%. This strategic move seems aimed at enticing European investors.

Despite their recent introduction, Global X’s Bitcoin and Ethereum ETPs still have relatively modest sizes, with the Bitcoin fund holding around $4.3 million and the Ethereum fund around $5.7 million in assets under management as of May 24.

Global X Lowers Fees on Crypto ETPs Following London Stock Exchange Entrants

Following the launch of comparable Bitcoin and Ethereum products on the London Stock Exchange by WisdomTree and 21Shares, Global X’s crypto ETPs’ fee reduction has come into effect.

In March, the UK’s financial regulator authorized crypto asset exchange-traded notes on specific exchanges but limited them to professional investors exclusively, sparking debates. A recent plea from a UK lawmaker to the FCA urges a reassessment of its prohibition on crypto exchange-traded products for retail investors.

WisdomTree’s two ETPs offer a competitive fee of 0.35%, asserting to provide one of the most attractive rates for institutional-grade, physically-backed crypto ETPs.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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