Hashdex, in partnership with Nasdaq, launches cryptocurrency ETF on Bermuda

The asset-management firm Hashdex, based in Brazil, launched an exchange-traded fund (ETF) on the Bermuda Stock Exchange (BSX) based on Nasdaq’s cryptocurrency index NCI. The Block reports.

The publication noted Nasdaq’s crypto ambitions, which had spent several years studying the prospects for entering the digital-asset index market.

The exchange began work in this direction in July 2020, and on September 18 BSX approved the Hashdex Nasdaq Crypto Index instrument.

According to vice president Shawn Wasserman, Nasdaq aimed to create a benchmark for the industry that could “meet the needs of growing institutional interest”.

The cryptocurrency index, developed jointly with Hashdex, tracks the most liquid and attractive digital assets for large companies.

What is a cryptocurrency ETF?

Earlier, Bitwise, VanEck, Accelerate Financial Technologies and Valkyrie Digital Assets filed to register Bitcoin ETFs. At the time of writing, the regulator had not approved any of them.

Earlier, JPMorgan strategists explained how the launch of an exchange-traded fund based on the first cryptocurrency could affect the asset’s price.

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