Singapore Exchange (SGX) has announced on Nov 2 it is licensing its iEdge Bitcoin Index to Propine, the first MAS-licensed digital asset custodian and a Bitcoin ETF service provider.
The index, which tracks the price performance of Bitcoin, was developed in collaboration with UK-based digital asset market data provider CryptoCompare and launched in September last year.
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Ng Kin Yee, managing director and head of data, connectivity and indices, SGX, says as enthusiasm in index-linked passive investing continues to grow, investors’ demand for access to emerging and big market themes in a low-cost and efficient manner is on the rise.
“We are therefore delighted to be partnering with Propine, as it sees increasing market interest for this digital asset,” Ng says.
“Propine is pleased to be SGX’s first partner to license the iEdge Bitcoin Index. This represents a major step not just for us, but for the region’s asset managers and institutional investors interested in Bitcoin,” says Tuhina Singh, CEO of Propine.
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“As a Bitcoin ETF service provider, Propine is passionate about delivering the most relevant solution to our institutional clients and helping them navigate the complexities of Bitcoin investment. We believe Bitcoin ETFs will broaden investor exposure to Bitcoin, equipping them with an effective tool to diversify their portfolio,” she adds
As at 1.02pm, shares in SGX are trading down 7 cents or 0.71% lower at $9.75.
Photo: Bloomberg
