Read full article at The Capital.

The Brazilian Securities Commission (CVM) has approved the first-ever Ethereum (ETH) exchange-traded fund (ETF) just a few months after the approval of the Bitcoin ETF.

Ethereum (ETF) will track the performance of the second-largest cryptocurrency. QR Asset Management will manage the fund.

Read: Ethereum (ETH) Fees at Eight-Month Lows

QR Asset Management announced:

“Expanding the horizons for diversification, QETH11 has become an easy, secure, and regulated option for any investor to gain direct Ethereum access through their preferred brokerage firm.”

🔴 BREAKING: CVM aprova o 1º ETF de Ethereum da América Latina, o QETH11.

O ETF da QR Asset Management, gestora do grupo QR Capital, será listado na B3, que se torna a 1ª bolsa na América Latina a ter um ETF 100% Ethereum. pic.twitter.com/idluRrN2zq

– QR Capital (@qrcapital) July 13, 2021

Local media claim that CVM approved a second cryptocurrency-focused, exchange-traded fund. The ticker QETH11 will be used for the Ethereum ETF, and it will appear on the country’s stock exchange B3. It will use the CME CF Ethereum reference rates used by CME Group.

Read: Goldman Sachs Report: Ethereum Has the Potential To Surpass Bitcoin As A Store Of Value

QR noted that the ETH ETF would be using “secure institutional custody” provided by Gemini, an American exchange owned by the Winklevoss Brothers.

This is Brazil’s second-approved cryptocurrency exchange fund. The Bitcoin ETF was approved by the Brazilian securities regulator in March. Canada has three BTC ETFs that are active within its borders. All of them were approved since the start of this year.

On the other hand, US SEC continues to reject ETF applications and postpones the last attempts by VanEck Capital and SkyBridge Capital.

Read: Swiss Bank Sygnum Becomes First Regulated Bank To Offer ETH 2.0 Staking

Most Recently, Grayscale Investments selected BNY Mellon to be its asset service provider. This is a Grayscale preparation step to convert its Bitcoin Trust into a Bitcoin ETF.

Originally published at https://thecryptobasic.com on July 14, 2021.

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Brazil Becomes The First Country In Latin America To Approve Ethereum Exchange Traded Fund (ETF) was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.

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