ETC Group dumps co-CEO model and reappoints Tim Bevan as CEO, Bradley Duke as CSO

Rick Steves

The firm focuses on institutional-grade exchange-traded products, having developed a few digital asset-backed securities including ETC Group Physical Bitcoin (BTCE) and ETC Group Physical Ethereum (ZETH), which are listed on European exchanges including XETRA, Euronext, SIX, AQUIS UK and Wiener Börse.

ETC Group has announced it is moving away from the co-CEO model, with Tim Bevan taking over as sole CEO to drive the ETP business, while Bradley Duke becomes Chief Strategy Officer to lead on strategy and to examine broader opportunities for the Group. Bradley will also become non-executive Chairman of the group’s UK entity.

These changes within the senior management team were made to better align its overall governance structure with Group’s strategy, said the European provider of digital asset-backed securities.

ETC Group, an European issuer of Crypto ETPs

The two co-founded ETC Group to provide investors with the tools to access the investment opportunities of the digital assets’ and blockchain ecosystem.

The firm focuses on institutional-grade exchange-traded products, having developed a few digital asset-backed securities including ETC Group Physical Bitcoin (BTCE) and ETC Group Physical Ethereum (ZETH), which are listed on European exchanges including XETRA, Euronext, SIX, AQUIS UK and Wiener Börse.

“As a company, we have previously launched the world’s first centrally cleared Bitcoin exchange traded product on Deutsche Börse XETRA, the largest ETF trading venue in Europe, and have also launched Europe´s first Metaverse ETF together with HANetf”, the company reminded the public about the issuance of BTCE in June 2020. BTCE is the largest physically backed crypto ETP in Europe with AUM of over $625 million and also Europe’s most heavily traded crypto ETP.

ETC Group has also recently listed DA20, the world’s first crypto ETP tracking an MSCI index signalling a move towards investment management products. The product provides broad market exposure to investors by tracking an index of 20 cryptocurrencies which cover 85% of the total crypto market capitalization.

Bradley Duke, a thought leader in digital assets

Bradley Duke, which has moved from co-CEO to Chief Strategy Officer, is a prominent thought leader in the digital asset space. FinanceFeeds frequently covers his commentary on some of the most pertinent regulatory issues, the latest of which being Singapore’s decision to require cryptocurrency exchanges to keep customer assets in a trust as part of efforts to ensure funds are safeguarded. Bradley Duke said the move was surely shaped by the high-profile failure of local hedge fund Three Arrows Capital.

“At ETC Group, we welcome sensible regulation in crypto that lays down a clear framework bringing stability and comfort to both service providers and investors alike. The new regulation goes far including a ban on lending and staking for retail investors – but the MAS has stated that they could review that position in future. The regulator in Hong Kong, its regional rival in financial services, will surely be examining this new regulation closely”, Duke said about the news.

ETC Group’s Bradley Duke also welcomed IOSCO’s global crypto regulation proposal and applauded the approval of MiCA in Europe, noting the “contrast to the situation in the US where the SEC has taken an openly hostile stance against companies trying to operate legitimately within the space while simultaneously doing next to nothing to actually put in place a functional regulatory framework.”

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