Brazil Approves Latin America’s First Ethereum ETF…Details Here
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Answer Brazil Approves Latin America’s First Ethereum ETF…Details Here
On Tuesday, July 13, the Brazilian regulator “CVM” approved the first new crypto-trading fund (ETF) that tracks the performance of the digital currency Ethereum.
QR Asset Management has obtained approval to list the “QETH11” Ethereum ETF on the B3 Brazilian Stock Exchange.
This makes it the first Latin American exchange to fully list an Ethereum ETF.
🔴 BREAKING: CVM approves the first Ethereum ETF in Latin America, QETH11.
The ETF of QR Asset Management, director of the QR Capital Group, will be listed on B3, which becomes the first Latin American exchange to have a 100% Ethereum ETF. pic.twitter.com/idluRrN2zq
– QR Capital (qrcapital) July 13, 2021
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The “QETH11” fund will track the price of Ethereum.
QETH11 will buy Ethereum on the open market and implement custody for investors in a secure environment using Gemini’s Custody and Custody solutions.
QETH11 will be the new gateway for institutional players to learn about Ethereum (ETH) in a secure and regulated environment.
The approval of the Ethereum ETF behind QR Capital came a month after the same company launched the Bitcoin ETF (Bitcoin ETF).QBTC11) in June 2021.
The company “QR Asset Management” commented on her statement About the new Ethereum ETF by saying:
The Brazilian investor now has access to the world’s largest and most important digital asset, in a regulated, simple and secure manner.
It is no longer necessary to register with exchanges, create private keys or worry about safekeeping, since the fund has institutional-level agreements regarding storing cryptocurrencies in a cold, deep storage provided by Gemini – the crypto custodian and trading company founded by the Winklevoss twins A service that is not easily accessible to the average investor.
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Increasing demand for cryptocurrency derivatives:
Brazil is seeing a growing demand for crypto-derivative products as digital currencies continue to make faster progress in the country’s financial system.
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On the other hand, the faltering economy in the country is pushing investors to alternative investment tools such as digital currencies.
Apart from these two ETFs “QBTC11” and “QETH11”, Brazil invests in ETFs that track a basket of cryptocurrencies such as HASH11.
Investors have welcomed the positive regulatory approach from Brazil.
The approval of the Ethereum ETF comes in light of the suffering of the price of the Ethereum currency and its decline below 2000 dollars, as the price of Ethereum fell by almost 7%.
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