Cryptocurrency News

Brazil first in Latin America to approve Ethereum-ETF

The Brazilian Securities Commission (CVM) has approved the launch of an exchange traded fund (ETF) based on the second most capitalised cryptocurrency.

The investment product from asset manager QR Asset Management tracks Ethereum quotes based on the CME CF Ether Reference Rate index from the Chicago Mercantile Exchange (CME Group).

The crypto-asset custodian is Winklevoss Brothers’ Gemini Custody service.

Ethereum-ETF under ticker symbol QETH11 will be listed on São Paulo’s B3 stock exchange. It will be the first Latin American exchange-traded fund based on the second most capitalised cryptocurrency.

QR Asset Management is part of the QR Capital group. According to its website, the firm has R$594 million (~$115 million) in digital assets under management and has more than 20,000 clients.

Read also: Elon Musk has come up with a humorous use for Dogecoin in Tesla

Brazil became the second country in the world with registered Ethereum-ETFs – Canadian regulators approved the launch of such investment vehicles in April 2021.

Canada is also ahead of the South American country with bitcoin-based exchange-traded funds. The North American country registered its first digital gold ETF in February.

Recall that CVM approved the launch of a bitcoin ETF from QR Asset Management in March.

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