Brazil becomes first in Latin America to approve an Ethereum ETF

The Brazilian Securities and Exchange Commission (CVM) approved the launch of an exchange-traded fund (ETF) based on the second-largest cryptocurrency by market capitalization.

🔴 BREAKING: CVM approves the first Ethereum ETF in Latin America, the QETH11.

The ETF from QR Asset Management, the manager of the QR Capital group, will be listed on B3, which becomes the first exchange in Latin America to have a 100% Ethereum ETF. pic.twitter.com/idluRrN2zq

— QR Capital (@qrcapital) July 13, 2021

The investment product from QR Asset Management tracks Ethereum quotes based on the CME CF Ether Reference Rate index from CME Group in Chicago.

The crypto-asset custodian is Gemini Custody, the Winklevoss brothers’ service.

The Ethereum ETF with ticker QETH11 will be listed on B3 in São Paulo. The exchange will be the first in Latin America to trade an ETF based on the second-largest cryptocurrency by market capitalization.

QR Asset Management is part of the QR Capital group. According to its website, the firm manages digital assets worth 594 million reais (~$115 million) and serves more than 20,000 clients.

Brazil became the second country in the world with registered Ethereum ETFs — in April 2021, Canadian regulators approved the launch of such investment instruments.

Canada outpaced the South American country with Bitcoin ETFs as well. The North American country registered the first ETF based on digital gold in February.

Earlier, the CVM approved the launch of QR Asset Management’s Bitcoin ETF in March.

Subscribe to ForkLog news on Facebook.