14 March 2022
Carey Olsen and JTC Group support Global X on first physically-backed crypto offering
Carey Olsen, together with JTC Group, have supported Global X ETFs, a leading global provider of exchange-traded funds (ETFs), on the launch of its two exchange-traded products (ETPs), the Global X Bitcoin ETP (BT0X) and the Global X Ethereum ETP (ET0X).
Issued by Global X Digital Assets Issuer Limited (Global X) and listed on German trading platform Deutsche Börse Xetra, BT0X and ET0X are Global X's first products to be physically backed by cryptocurrencies and underscore the firm's long-term confidence in the digital assets space, joining existing products including the Global X Blockchain UCITS ETF (LSE: BKCH).
Physically-backed ETPs, BT0X and ET0X both have an expense ratio of 0.65% and provide cost-efficient access to Bitcoin and Ethereum, with the transparency and security of shares trading on a regulated stock exchange.
Working alongside onshore counsel Simmons & Simmons, the Carey Olsen team advising Global X on the Jersey aspects of the structuring and implementation process of the ETPs was led by corporate partner Chris Griffin, assisted by counsel Colin Masterton, senior associate Sophie Hancock and associate Niamh Murphy.
Chris said: "It was great to work with Global X ETFs on this exciting and innovative project. It is another example of Jersey's growing prominence within the digital assets space, and the island's attractiveness to professional investment firms like Global X who are able to establish crypto-backed investment products and services domiciled in the jurisdiction."
JTC Group, through JTC Fund Solutions (Jersey) Limited, has been appointed to provide ongoing determination agency, administration and company secretarial services to Global X.
Alan Baird, Head of Fund Services – Jersey, at JTC said: "We are delighted to work alongside Carey Olsen and Simmons & Simmons to enable Global X to bring these innovative exchange traded products to market. In particular, this further demonstrates Jersey’s position as a leading jurisdiction for first-class FinTech services and infrastructure."
Rob Oliver, head of business development at Global X, added: "We are grateful to have worked with Carey Olsen and JTC Group to enable the launch of Global X's first physically-backed crypto ETPs, domiciled in Jersey. Innovation is core to Global X's mission, and we look forward to continuing to add unexplored and intelligent solutions to our European product line-up."