The Bitwise Canton ETP (BWCC) gives investors regulated exposure to CC through traditional brokerage accounts and is fully backed by tokens held in cold storage. The launch follows growing institutional interest in Canton-related products, including a recently launched US ETF by 21Shares. Despite the development, CC fell 3.1% over the past 24 hours and traded near $0.1606 at press time.
Bitwise Launches Canton ETP
Bitwise expanded its European crypto investment lineup after launching a new exchange-traded product (ETP) tied to the native token of the Canton Network. Canton is a privacy-focused permissioned blockchain that attracted participation from several major financial institutions.
The new product is known as the Bitwise Canton ETP (BWCC), and it officially began trading on Deutsche Börse Xetra on Tuesday. It offers investors exposure to Canton’s native token, CC, through traditional brokerage platforms without the need for a crypto wallet.
Announcement from Bitwise
According to Bitwise, the ETP tracks the Kaiko CANTO Reference Rate LDNLF index and is fully backed by CC tokens that are held in cold storage. The product carries an annual expense ratio of 0.85% and was issued through Bitwise Europe GmbH in Germany.
Bitwise Managing Director and Head of Europe Bradley Duke described Canton Network as a blockchain that is specifically built for global financial markets. He praised the network’s emphasis on privacy, interoperability, and programmability, which are features that have become very important for institutional adoption. Unlike many public blockchain networks, Canton focuses on permissioned infrastructure and compliance-oriented architecture, making it more appealing to banks and regulated financial firms.
The Canton Network itself was launched in 2023 by Digital Asset, a financial technology company co-founded by DRW’s Don Wilson. Since its launch, the network has attracted involvement from some of the largest names in global finance and enterprise technology, including Goldman Sachs, BNP Paribas, Deutsche Börse, Microsoft, Moody’s, S&P Global, Cboe Global Markets, and Deloitte.
The European ETP launch also follows growing interest in Canton-related investment products globally. Earlier this month, 21Shares launched the first US-based ETF connected to the same asset on Nasdaq under the ticker TCAN.
Despite the positive developments surrounding adoption and investment products, CC’s price action was under pressure over the past 24 hours. The token traded around $0.1606 at the time of reporting, after falling 3.1% during the daily session.
CC’s price action over the past 24 hours (Source: CoinCodex)
Market data also showed that CC gradually trended lower throughout the day. Even with the short-term weakness, the token still has a decent market capitalization above $6.2 billion.