Brazil’s SEC Approves First Ethereum ETF in Latin America
14 Jul, 2021•2 min read•Regulation
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.