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Brazil approves first Ethereum ETF in Latin America

The first Ethereum exchange-traded-fund in Latin America is a reality. The Brazilian Securities Regulator (CVM) have approved a new cryptocurrency ETF of QR Asset Management.

QR Asset Management announced the approval of this Ether ETF that tracks the performance of the digital currency, QETH11.

The fund will be listed on the Brazilian Stock Exchange B3 and is the first exchange in Latin America to list a 100% Ethereum ETF.

The QETH11 is an excellent way for institutional players to gain exposure to Ethereum (ETH) in a secure and regulated environment. QR Asset Management have already launched their Bitcoin ETF in June this year. QR Asset Management confirmed the ETF in a note that said:

“The Brazilian investor now has the possibility of exposure to the two largest and most valuable digital assets in the world, in a regulated, simple and secure manner. It is no longer necessary to register in exchanges, create private keys or worry about secure custody, since the fund has institutional-level custody in deep cold storage , provided by Gemini – a company specializing in the custody of cryptoactives founded by the Winklevoss twins – a service not very accessible to the common investor”.

ETH has been trading under pressure a bit subject to the recent bearish sentiment in the market. In the last 24 hours, the ETH price has dropped 6% to $1900 at the time of writing, which accounts for an even higher 20% loss over a seven day period.

The post Brazil approves first Ethereum ETF in Latin America appeared first on iGaming.

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Author: Peter Siu