Brazil to host the first Latin American Ethereum-ETF
Industry News
Brazil stands to be among the most progressive Latin American countries, as the local Securities and Exchange Commission (CVM) allowed QR Asset Management to run the first Ethereum-based ETF fund in the continent.
QR Asset Management is a subsidiary of the world-known crypto investing corporation, QR Capital, that controls digital assets equivalent to about $115 million. The Ethereum-based fund is about to appear on B3, the Sao Paulo stock exchange, under the ticker QETH11.
Brazil is the second country allowing corporations to run ETH-based ETFs. In April 2021 the same permission was given in Canada. The North-American country hails innovations, as Canada is the first country to register a Bitcoin ETF (in February 2021).
The Brazilian government has chosen a course towards crypto regulation, understanding that digital assets are the next link of the financial evolution chain. On the other hand, the country is not the crypto leader of the continent, as Brazil follows Argentina according to the number of crypto holders, and Columbia according to the number of installed crypto ATMs.
Bitcoin- and Ethereum-based ETFs open new horizons for the country, as such news may attract crowds of newer players to join the fast-growing market.
What is an Ethereum-ETF? That is an index fund traded on exchanges. ETF securities perform the role of a certificate for a certain part of the portfolio. The price of an ETF security directly depends on the ETH price. With the ongoing upgrade to Ethereum 2.0, crypto experts highlight the second-largest cryptocurrency has enormous potential.
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