Several months after green lighting a Bitcoin ETF, Brazil’s watchdog has done the same for a product tracking the performance of the second-largest cryptocurrency – ETH. The fund will be managed by QR Asset Management.
QR Asset Management, the company that will manage the fund, said with the announcement: “expanding the horizon of diversification, QETH11 becomes a simple, safe, and regulated option for any investor to gain direct exposure to Ethereum through their preferred brokerage.” Interestingly, QR added that the new ETF will use “secure institutional custody” provided by the US exchange Gemini – owned and operated by the Winklevoss brothers. It’s worth noting that this is the second approved crypto exchange-traded fund in Brazil. Furthermore, Canada also has three operational BTC ETFs within its borders, all approved since the start of this year. At the same time, the US SEC continues to reject most applications while delaying the latest attempts by VanEck and SkyBridge Capital.