Brazilian regulator approves South America’s first Ethereum ETF

The ETF will receive the ticker QETH11. It will be managed by QR Asset Management.

The Brazilian Securities Commission (CVM) has approved South America ‘s first Ethereum-based exchange-traded fund to be managed by QR Asset Management.

The Ethereum ETF will receive the ticker QETH11 and will be listed on the Brazilian B3 Stock Exchange (formerly BM & FBOVESPA).

QR Asset Management stressed that they will use the services of the American cryptocurrency exchange Gemini, which is owned by the Winklevoss brothers, to store the cryptocurrency.

🔴 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

This is the second cryptocurrency exchange traded fund to be approved by CVM. In June, the regulator granted permission to QR Asset Management to create a Bitcoin ETF.

Currently, the US Securities and Exchange Commission (SEC) is considering applications for the creation of Bitcoin ETF from ARK Invest , One River , VanEck and Fidelity . The US regulator has not yet approved a single cryptocurrency exchange traded fund.

In April of this year, the Canadian regulator approved the launch of three Ethereum based exchange traded funds at once Purpose Ethereum ETF, CI Galaxy Ethereum ETF and Evolves Ether ETF.

The American crypto exchange Gemini is also involved in storing the cryptocurrency for these funds.

Read More*** Why the SEC has not yet approved the launch of a Bitcoin ETF?