Brazil’s SEC Approves First Ethereum ETF in Latin America

Forum 2 years ago

Brazil’s SEC Approves First Ethereum ETF in Latin America

The Brazilian Securities Commission (CVM) has approved the first exchange-traded fund tracking the performance of Ethereum (ETH) in Latin America.

Several months after greenlighting a Bitcoin ETF, Brazil’s watchdog has done the same for a product tracking the performance of the second-largest cryptocurrency – ETH. The fund will be managed by QR Asset Management.

• As local media reported, the CVM has given a nod of approval for the second cryptocurrency-oriented exchange-traded fund.

• The Ethereum ETF will have a ticker QETH11 and will appear on the country’s stock exchange called B3. It will follow the CME CF Ether Reference Rate, used by the CME Group.

• QR Asset Management, the company that will manage the fund, said with the announcement:

• “Expanding the horizen of diversification, QETH11 becomes a simple, safe, and regulated option for any investor to gain direct exposure to Ethereum through their preferred brokerage.”

• Interestingly, QR added that the new ETF will use “secure institutional custody” provided by the US exchange Gemini – owned and operated by the Winklevoss brothers.

• It’s worth noting that this is the second approved crypto exchange-traded fund in Brazil. As CryptoPotato reported in March this year, the nation’s securities regulator greenlighted a Bitcoin ETF.

• Furthermore, Canada also has three operational BTC ETFs within its borders, all approved since the start of this year.

• At the same time, the US SEC continues to reject most applications while delaying the latest attempts by VanEck and SkyBridge Capital.