April 19, 2024
21.co Appoints Former ETF Executive Mandy Chiu to Lead Financial Product Development
Latest Cryptocurrency News

21.co Appoints Former ETF Executive Mandy Chiu to Lead Financial Product Development

To grow across geographies and product categories, 21.co is poised to hire a former executive from one of the biggest ETF providers in the world.

Mandy Chiu has been appointed the head of financial product development for the Europe-based ETP issuer, a position that was created “to meet our ambitious global expansion and overall company growth,” according to 21.co president Ophelia Snyder.

“She will be leading our global teams to continuously enhance existing products while developing new products that take investors through the journey of crypto and blockchain investments with the same stringent approaches as traditional finance,” Snyder stated.

Chiu comes from Tabula Investment Management, where she served as the chief product officer for the London-based ETF company. Before that, she oversaw ETF products for the Asia Pacific (APAC) and Europe, Middle East, and Africa (EMEA) areas at State Street Global Advisors (SSGA).

About $1 trillion in assets are managed by the 138 US ETFs of SSGA. They are third in this category, after Vanguard and BlackRock.

According to her LinkedIn page, Chiu managed roughly 110 ETFs with $80 billion in assets while working as a State Street Global Advisors executive from February 2016 to December 2021.

While Switzerland-based 21Shares has recently accumulated a sizable selection of cryptocurrency ETPs in Europe, it has no plans to stop there.

The hiring occurs as 21Shares works with Ark Invest to offer ETFs in the US. It collaborated with the Cathie Wood-led company for the first time in 2021 as part of a joint application for a spot bitcoin ETF, a class of product it most recently re-filed for in April.

Seven crypto ETFs, including ones that will invest in bitcoin and ether futures contracts and a spot ether offering, have been submitted for release by the corporations in the nation so far.

According to Ark Invest Chief Operating Officer Tom Staudt, the company hopes to have “the most encompassing, most complete, most diverse, and deepest” crypto ETF suite in the US with the aid of 21Shares.

Although the US Securities and Exchange Commission has never permitted a spot bitcoin ETF to enter the market, some observers of the sector have said that a court victory by Grayscale Investments over the agency in August increased the likelihood of such an approval.

By January 10, the SEC is expected to decide on the proposed Ark 21Shares Bitcoin ETF.

“With 21Shares’ deep-rooted crypto legacy and ARK’s global leading role in disruptive technology and thematic investments, the partnership will look to bring more crypto education and products to the market,” Snyder concluded.

Image: Freepik

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