Brazil gives the green light to Latin America’s 1st ethereum ETF

Brazil gives the green light to Latin America’s 1st ethereum ETF

Brazil will list the first exchange-traded fund in Latin America. The ETF is called QETH11 and will trade on the B3 stock exchange in Sao Paulo, said , a blockchain investment firm and the holding company of QR Asset Management which will administer the fund. The ETF tracks the CME CF Ether Reference Rate, an ethereum index used by the exchange operator CME Group, and the fund will buy physical ethereum and carry out custodial duties. Brazil's Securities and Exchange Commission, or CVM, has already this year approved a ETF and an ETF based on a basket of cryptocurrencies including bitcoin. Meanwhile, investors are waiting for the SEC to rule on . Brazilian regulators are acknowledging the crypto market's maturation as investors seek regulated products, Fernando Carvalho, QR Capital's founder and CEO, . "We hope that these signals from Brazil will encourage the SEC to approve the first US crypto ETF," he said. QR Capital said institutional custodial services for its new ethereum ETF will be provided by Gemini, the company run by the Winklevoss twins, Cameron and Tyler, who were the first people to file for bitcoin ETF approval in the US.