Brazil Becomes The First Latin American Country To Approve An Ethereum Exchange Traded Fund (ETF).
The first-ever Ethereum (ETH) exchange-traded fund has been approved by the Brazilian Securities Commission (CVM) (ETF) just a few months after the approval of the Bitcoin ETF.
Ethereum (ETF) will track the second-largest cryptocurrency's performance. The fund will be managed by QR Asset Management.
QR Asset Management announced:
“QETH11 has become an easy, secure, and regulated way for any investor to acquire direct Ethereum access through their choice brokerage business, broadening the horizons for diversification.”
Local media claim that, a second cryptocurrency-focused exchange-traded fund has been approved by CVM. The Ethereum ETF's ticker will be QETH11, and it will be listed on the country's stock exchange B3. CME Group's CME CF Ethereum reference rates will be used.
Gemini, an American exchange run by the Winklevoss Brothers, will offer “secure institutional custody” for the ETH ETF, according to QR.
This is the country's second cryptocurrency exchange fund. The Brazilian securities regulator approved the Bitcoin ETF in March. Within the country's borders, three BTC ETFs are operating. Since the beginning of the year, they've all been approved.
The US Securities and Exchange Commission, on the other hand, continues to reject ETF applications and has postponed VanEck Capital and SkyBridge Capital's final tries.
Grayscale Investments has chose BNY Mellon as its asset service provider. Grayscale is in the process of converting its Bitcoin Trust into a Bitcoin ETF.