The Brazilian Securities Commission (CVM) approved the first Ethereum (ETH) Exchange Traded Fund (ETF) just a few months after the Bitcoin ETF was approved.
Ethereum (ETF) tracks the performance of the second largest cryptocurrency. QR Asset Management will manage the fund.
Read: Ethereum (ETH) fees at eight month lows
QR Asset Management announced:
“QETH11 expands the diversification horizon and has become an easy, safe and regulated option for every investor to get direct access to Ethereum through their preferred brokerage company.”
🔴 BREAKING: CVM-Aprova o 1º ETF de Ethereum da América Latina, o QETH11.
O ETF from QR Asset Management, gestora do grupo QR Capital, será listado na B3, que se tona a 1ª bolsa na América Latina a ter um ETF 100% Ethereum. pic.twitter.com/idluRrN2zq
– QR capital (@qrcapital) July 13, 2021
Local media claim that CVM has approved a second cryptocurrency-focused, exchange-traded fund. The ticker QETH11 is used for the Ethereum ETF and appears on the stock exchange of the country B3. The CME CF Ethereum reference rates used by the CME Group are used.
Read: Goldman Sachs Report: Ethereum has the potential to outperform Bitcoin as a store of value
QR noted that the ETH ETF would use the “safe institutional custody” from Gemini, an American exchange owned by the Winklevoss Brothers.
This is Brazil’s second approved cryptocurrency exchange fund. The Bitcoin ETF was approved by the Brazilian Securities Commission in March. Canada has three BTC ETFs that are active within its borders. All have been approved since the beginning of this year.
On the other hand, the US SEC continues to reject ETF applications and postpones the final attempts by VanEck Capital and SkyBridge Capital.
Read: Swiss bank Sygnum is the first regulated bank to offer ETH 2.0 staking
Recently, Grayscale Investments selected BNY Mellon as its asset service provider. This is a grayscale preparatory step to convert your Bitcoin Trust into a Bitcoin ETF.