As a report has it, the first Ethereum Exchange Traded Fund (ETF) in Latin America was approved by the Brazilian Securities and Exchange Commission on 13th July 2021.
According to the report, the ETF was created to monitor the performance of the digital currency ETH traded on the Ethereum network.
Read Also: Analyst: Ethereum (ETH), Cardano (ADA), Binance Coin (BNB) Have Capability for Bullish Momentum
The passive fund ticker is QETH11 and will be managed by QR Capital, a leading asset management firm. The approval of the Ethereum Exchange Traded Fund was announced by the asset manager on Twitter a couple of hours ago.
QR Capital tweeted:
“CVM approves the 1st Ethereum ETF in Latin America, the QETH11. The QR Asset Management ETF, manager of the QR Capital group, will be listed on the B3, which becomes the 1st exchange in Latin America to have a 100% Ethereum ETF.
“QETH11 follows the same Ethereum index used by the CME Group, the CME CF Ether Reference Rate. For this, the ETF buys physical Ethereum and carries out custody with transparency and security for you.
“Expanding the horizon of diversification, QETH11 becomes a simple, safe and regulated option for any investor to gain direct exposure to Ethereum through their preferred brokerage without worrying about registrations in exchanges, wallets or private keys.”
This approval came in just a month after QR launched the first Bitcoin ETF on Bolsa Brasileira (QBTC11).
Read Also: Goldman Sachs: Ethereum Has the Potential to Overthrow Bitcoin as a Digital Store of Value
The report added that the manager, Hashdex, also announced its preparation to launch a Bitcoin ETF on the same day. The proposal is made to replicate a fund that seeks to neutralize carbon emissions as a result of the mining of the digital asset.
Another thing that is worthy of note is that the new ETF will use secure institutional custody provided by the United States crypto exchange, Gemini, serving as an indication that the crypto ecosystem is forging ahead.
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