Brazil becomes the first country in Latin America to approve the Ethereum Exchange Traded Fund (ETF) | Author: The Crypto Basic | Capital | July 2021
Only a few months after the Bitcoin ETF was approved, the Brazilian Securities Commission (CVM) approved the first Ethereum (ETH) exchange-traded fund (ETF).
Ethereum (ETF) will track the performance of the second largest cryptocurrency. QR Asset Management will manage the fund.
QR Asset Management announced:
“Expanding diversified horizons, QETH11 has become a simple, safe and regulated choice for any investor to obtain direct Ethereum access through their preferred brokerage firm.”
🔴 Breakthrough: CVM approved QETH11, the first Ethereum ETF in Latin America.
QR Asset Management ETF, the manager of QR Capital Group, will be listed on B3, which will be the first exchange in Latin America with 100% Ethereum ETF. pic.twitter.com/idluRrN2zq
-QR Code Capital (@qrcapital) July 13, 2021
Local media claim that CVM has approved a second exchange-traded fund focused on cryptocurrencies. The stock code QETH11 will be used for the Ethereum ETF and will appear on the country’s stock exchange B3. It will use the CME CF Ethereum reference exchange rate used by CME Group.
QR pointed out that the ETH ETF will use “secure agency custody” provided by Gemini, a US exchange owned by Winklevoss Brothers.
This is the second cryptocurrency exchange fund approved by Brazil. The Bitcoin ETF was approved by Brazilian securities regulators in March. There are three BTC ETFs active in Canada. Since the beginning of this year, all of these have been approved.
On the other hand, the US SEC continued to reject ETF applications and postponed the last attempts of VanEck Capital and SkyBridge Capital.
Recently, Grayscale Investment chose Bank of New York Mellon as its asset service provider. This is the gray-scale preparation step for converting its Bitcoin trust into a Bitcoin ETF.