This new venture is the work of Swedish firm KnC Miner AB, a company that has generated $75 million of working capital since opening in 2013, and creating a new data center in Stockholm. KnC Miner produces mining hardware for the Bitcoin community that is used by miners 120 countries around the world.
“We are proud to offer the world’s first ‘Bitcoin tracker’ to be traded on a regulated exchange. By enabling this easy and secure way to invest in Bitcoin we hope to have eliminated the boundaries that earlier prevented individuals and companies from being able to actively invest in what we believe to be the future of money,” Alexander Marsh, Chief Executive Officer of XBT Provider, told Bloomberg Business
This is another large step into the mainstream for Bitcoin, which is trying to fight off incessant growing pains. Financial markets worldwide are taking Bitcoin seriously with major players like the New York Stock Exchange making a minority investment in Bitcoin’s newest exchange coming from industry leader Coinbase. Last month, UBS announced it will build a research lab in London to examine the Block chain, Bitcoin’s underlying technology for digital currencies.
“Young guys will probably buy it. Bitcoin stands for a new digital world, free from the banking system. It’s almost somewhat political,” savings analyst Claes Hemberg of the Avanza Bank told Swedish news wire TT on Monday.
It should not surprise anyone that Sweden takes the lead in such innovations. The highly tech-savvy country fielded the first-ever successful political campaign funded exclusively via Bitcoin when Mathias Sundin reached Swedish Parliament last year.