The Brazilian Securities and Exchange Commission (CVM) approved the first exchange-traded fund of Ethereum (ETH) in Latin America.
The QR Asset management announced the approval of the Ether ETF-QETH11. There is still no forecast for the listing of a new ETF on Brazilian Stock Exchange B3. This makes it the first exchange in Latin America to list 100% Ethereum ETF. The QETH11 will buy Ethereum in the open market and carry out custody for investors in a safe and secure environment using Gemini’s.
To track the performance of Ethereum, QETH11 will follow the “CME CF Ether Reference Rate”. CME Group also uses it CVM’s decision already guarantees its launch in the near future. The approval of Ether ETF from QR capital came a month after it launched its Bitcoin ETF(QBTC11). Now the company focused on the second-largest cryptocurrency in the world, Ethereum. QETH11 will only invest in ether.
“The Brazilian Investor now has the possibility of exposure to the two largest and most valuable digital assets in the world in a regulated, simple and secure manner. It is no longer necessary to register in exchange, create private keys or worry about secure custody since the fund has institutional-level custody in deep cold storage, provided by Gemini – a company specializing in the custody of cryptoactives founded by the Winklevoss twins – a service not very accessible to the common investors,” said QR Asset Management, in a note.
Moreover, apart from these ETFs Brazil has been investing in ETFs that track a basket of cryptocurrencies HASH11. Currently, Only Canada has the same products available to investors.