Carbon Neutral Crypto Spot ETFs to be Launched in Canada November 9, 2021 November 9, 2021 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsNovember 9, 2021 by Kelly Cromley

Carbon Neutral Crypto Spot ETFs to be Launched in Canada

Canada is seeking for a more environmentally friendly option to cryptocurrency investing, and on Tuesday it proposes to list two cryptocurrency-backed spot exchange-traded funds (ETFs) on the Toronto Stock Exchange that are carbon-neutral in nature.

Due to growing demand from institutional investors in spot exchange-traded funds (ETFs), Canadian asset management Purpose Investments has launched two new cryptocurrency exchange-traded funds (ETFs) based on Bitcoin and Ethereum.

These exchange-traded funds (ETFs) will give investors with a carbon offset. Canadian exchange-traded funds (ETFs) are based on real cryptocurrencies, rather than futures contracts, as is the case with the newly established ProShares BITO ETF.

The Bitcoin and Ethereum exchange-traded funds (ETFs) will make their debut on the Toronto Stock Exchange under the tickers BTCC.J and ETHH.J. This information was first shared on Twitter by James Seyffart, a research analyst at Bloomberg Intelligence.

Purpose Investments has also formed a partnership with Patch, which will aid in the measurement of the carbon footprint of cryptocurrency portfolios as well as the provision of carbon-removing solutions.

A whitepaper published by Purpose states that the company seeks to assist “environmentally aware investors” who are hesitant about investing in cryptocurrencies “regardless of their opinions on the future of cryptocurrencies.”

“First and foremost, our cooperation with Patch enables us to calculate the carbon footprint of our portfolio, whether it is comprised of bitcoin or ether. Then, in order to balance these emissions, we purchase an equivalent quantity of carbon offsets” Purpose explained of their whitepaper.

The company will link other “businesses in need of a carbon-removal solution with those who supply them,” according to the website. On Nov. 8, according to the firm’s prospectus, Purpose’s new Bitcoin (BTC) fund owned 24,167 Bitcoin (about $US1.6 billion) in its possession.

On the other hand, as of November 8, the Ethereum fund has 86,906 ETH (about $US417 million) in assets. Purpose also launched the first Bitcoin ETF in North America in February, grabbing the attention of a large number of institutional investors by allowing them to get exposure to bitcoin without having to own the digital tokens directly.

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.