Brazil’s QR Capital Gets Regulator’s Approval For Ether Exchange Traded Fund July 14, 2021 July 14, 2021 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsJuly 14, 2021 by Kelly Cromley

Brazil’s QR Capital Gets Regulator’s Approval For Ether Exchange Traded Fund

As per a statement by QR Capital, the parent company of QR Asset Management, the Brazilian securities regulator – the Comisso de Valores Mobiliários (CVM) – has authorized an Ether (ETH) exchange-traded fund (ETF).

The fund, which will represented by the ticker QETH11, will be listed on the B3 stock exchange in Brazil, which is a regional exchange that serves customers across the globe. The Winklevoss twins’ Gemini will offer institutional custodial solutions for QETH11, which will utilize the same Ether index used by the CME Group.

The fund’s issuer describes the offering as “a straightforward, secure, and regulated way for any investor to acquire straight forward exposure to Ethereum via their chosen brokerage, sans bothering about opening accounts with exchanges, set up wallets, or private keys,” according to the release.

QR Asset Management commits to provide QETH11 investors with a high degree of transparency and safety by purchasing real ETH for the offering. The CVM’s authorization comes against the backdrop of two previous cryptocurrency ETF licenses in March, one of which was 100% Bitcoin and the other of which included five cryptos along with Bitcoin (BTC).

Both products are traded on B3, and QR Asset Management manages the Bitcoin-only contract in the same way. In the final leg of June, it started trading with the ticker QBTC11.Notably, in February, the first ever physically settled Bitcoin ETF was approved by Canada’s Ontario Securities Commission. Securities authorities elsewhere, especially in the United States, are still postponing crypto ETF licenses in spite of high demand.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.