Crypto News

Ethereum ETF enters Latin America through Brazil’s Stock Exchange

Brazil's Blockchain investment firm QR Capital will list an Ethereum exchange-traded fund (ETF) on Brazil’s stock exchange.
Image by Gerd Altmann from Pixabay

Key Takeaways 

  • QR Capital gets approval to list Ethereum ETF on Brazil’s Stock Exchange
  • Brazil becomes the first country in Latin America to list Etherum ETF
  • Bitcoin ETH is already on Brazil’s Stock Exchange.
  • ETH prices regain lost steam

YEREVAN ( Brazil’s Blockchain investment firm QR Capital will list an Ethereum exchange-traded fund (ETF) on Brazil’s stock exchange after winning approval from Comissão de Valores Mobiliários (CVM), Brazil’s securities regulator. QR Capital will list the country’s first Ethereum ETF on the Sao Paulo-based B3 exchange under the ticker QETH11.

QR Capital broke the news on Twitter. 

QR Capital will follow Chicago Mercantile Exchange (CME Group)’s CF Ether Reference Rate, while it will entrust Gemini to take care of the ETH custody. The Gemini Trust Company, LLC is a digital currency exchange and custodian that allows customers to buy, sell, and store digital assets. The company has its headquarters in New York.

The partnership with Gemini means QETH11 investors won’t need to worry about safely storing their private key or seed phrase as Gemini will take care of that for them. 

According to the company website, QR Asset Management manages 594 million reais ($115 million) worth of digital assets and has more than 20,000 clients.

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Bitcoin ETF got here first

Although the development marks the first Ethereum ETF to enter Latin America, this is not the first overall ETF to be approved in the Americas. Moreover, it is not even the first ETF on QR Capital listings. Last month, QR Capital’s bitcoin ETF began trading on B3, making it the first bitcoin ETF approved in Latin America.

Earlier, Canada had become the first country in the Americas to offer crypto ETFs. Purpose Bitcoin ETF launched under the ticker TSX: BTCC.B in February, becoming the first direct custody bitcoin ETF in the world. In addition, Toronto Stock Exchange (TSX) launched three ETF funds in February and March.

The Securities and Exchange Commission (SEC) in the USA, however, is in no hurry to allow crypto ETFs in the country. At least nine companies have submitted applications with the SEC for approval, including Grayscale, Galaxy Digital Holdings Ltd., and Fidelity Investments. None, however, have received the much-coveted node yet. 

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ETH crosses $2,000 again

ETH regained lost steam and crossed the $2,000 mark again after starting below $1,900. Credit: TradingView
ETH regained lost steam and crossed the $2,000 mark again after starting below $1,900. Credit: TradingView

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The markets opened with ETH prices struggling below the $1,900 mark today. As the news of the Ehereum ETF bagging a sport on Brazil’s stock exchange spread, ETH prices began to rise. In no time, ETH had gained its lost moment and crossed the $1,900 mark.

It currently hovers a little above the $2,000 mark, thanks to support from the Ethereum community.

Although the markets have been overall bearish since May, ETH can still expect turning tides soon. With the NFT market catching steam, ETH will be used more regularly. In addition, all major digital art auctions use Ethereum for transactions and not Bitcoin or other altcoins.

Moreover, with significant updates, such as London Hard Fork, on its way, Etherum 2.0 will push Ethereum’s price to new levels. The London Hard Fork includes five Ethereum Improvement Proposals (EIPs), notably EIP 1559 and EIP 3554.

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Karen Mkrtchyan

Yerevan-based Editor and writer focusing on topics about politics and international relations. Having completed his Bachelors and Masters degrees from Delhi's Jawaharlal Nehru University, he currently works as a Projects Coordinator at Indo-Armenian Friendship NGO and the Indian Cultural Centre, Armenia. He regularly writes articles for Armenian media platforms and is the English language Editor of Keghart, a reputed Armenian Diaspora news platform based in Canada. As a young activist, he was awarded "The Best Active Youth International Award" by the Afghanistan Youth Parliament. He is also the Media in charge of the Youth Wing of Bright Armenia Party, the third-largest political party in the Armenian Parliament.

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