NELSON ALMEIDA/AFP via Getty Images
- Brazil will be the first Latin American country to list an ethereum ETF.
- The ETF, called QETH11, will trade on the B3 stock exchange in Sao Paulo.
- Brazil has approved three crypto ETFs while investors wait for the US to greenlight its first.
- See more stories on Insider’s business page.
Brazil will list the first ether exchange-traded fund in Latin America.
The ETF is called QETH11 and will trade on the B3 stock exchange in Sao Paulo, said QR Capital, a blockchain investment firm and the holding company of QR Asset Management which will administer the fund.
The ETF tracks the CME CF Ether Reference Rate, an ethereum index used by the exchange operator CME Group, and the fund will buy physical ethereum and carry out custodial duties.
Brazil’s Securities and Exchange Commission, or CVM, has already this year approved a bitcoin ETF and an ETF based on a basket of cryptocurrencies including bitcoin. Meanwhile, investors are waiting for the SEC to rule on 13 applications for bitcoin ETFs.
Brazilian regulators are acknowledging the crypto market’s maturation as investors seek regulated products, Fernando Carvalho, QR Capital’s founder and CEO, told Cointelegraph Brazil.
“We hope that these signals from Brazil will encourage the SEC to approve the first US crypto ETF,” he said.
QR Capital said institutional custodial services for its new ethereum ETF will be provided by Gemini, the company run by the Winklevoss twins, Cameron and Tyler, who were the first people to file for bitcoin ETF approval in the US.