According to a statement made today, users are capable of accessing exchange-traded commodities (ETCs) through derivatives contracts. Bitpanda will hold the ETCs. Users are not allowed to purchase shares in the tangible asset, in contrast to its metal investing feature.
Users of the new products will be able to play on "short-term" changes in commodity prices, according to Bitpanda. The company noted that commodities shield investor portfolios in a situation when inflation is on the rise globally.
In a statement, CEO and co-founder Eric Demuth remarked,
"I'm excited we've been able to add commodities to the platform at a time when inflation is biting into people's savings. Bitpanda customers can now bet against their gas bill and benefit from the short-term price movements of key commodities like oil, natural gas, corn, wheat, and many more."
The new introduction follows prior efforts to expand its product line. Four new thematic crypto indexes focused on decentralized finance, the metaverse, infrastructure, and smart contracts were introduced in July. The fintech company reportedly launched an exchange-traded note (ETN) monitoring the price of Bitcoin last year.
In addition, the business recently saw a significant reduction due to a recession in the cryptocurrency market that caused the price of Bitcoin to fall below $20,000. The firm reduced its workforce from approximately 1,000 to 730 employees in June.