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Neobroker Bitpanda launches Bitcoin-backed ETN

Austrian investing group Bitpanda has launched its first ‘exchange-traded cryptocurrency’, according to a statement. The product — an exchange-traded note (ETN) — will track the price of bitcoin. It will be accessible via brokers and platforms such as ING and Postbank, and will be denominated in euros, meaning investors won’t need to manage private keys or open an account with Bitpanda. The ETN is fully collateralized by bitcoin, which is kept in cold storage with a regulated custodian.  “We are excited …