Cryptocurrency News — Brazil and NASDAQ to launch world’s first Bitcoin ETF
The stock exchange declared it had approved the ’Hashdex Nasdaq Crypto Index’ on September 18, showing that 3 million Class E shares will be issued for trade on the platform.
Cointelegraph Brazil supported the Nasdaq partnership and ETF with Hashdex’s chief executive, Marcelo Sampaio Hashdex currently manages $46.4 million worth of resources constituting four capital, including capital holding crypto assets. The company’s auditor is KPMG, its primary financial institution is Silvergate Bank, and Hashdex’s crypto asset custodians are Xapo, Kingdom Trust, and Vo1t.
While no further details concerning the ETF have been made public, Hashdex said that the methodology and other crucial information regarding the product will be published by Nasdaq on the product’s launch date.
Earlier this week, former Goldman Sachs executive and finance manager Raoul Pal predicted the launching of Bitcoin ETF in the U.S was also imminent, saying :
Exchange-traded funds provide a controlled and insured vehicle for institutional investors access exposure to commodities without holding the underlying assets.
Lately, the United States Securities and Exchange Commission (SEC) has rejected proposals for Bitcoin ETFs in the Winklevoss twins, and Wilshire Phoenix and NYSE agent Arca.
According to local media outlet Infomoney, the fund ought to be live and trading on the BSX at the end of the year. The report notes that Hashdex chose to employ with BSX because of Bermuda’s crypto-friendly regulations.
“I’m going to give you the biggest front-running opportunity of your life: they will get an ETF across the line. There will be billions of dollars that pour into it. Every pension plan will allocate some money to it. Every family office will allocate some money to it. And the more the price goes up, the more they will allocate.”
Regulated Brazilian finance manager Hashdex has inked a deal with Nasdaq to establish the world’s first crypto asset exchange-traded fund (ETF) on the Bermuda Stock Exchange (BSX).
In remarks to important Brazilian newspaper Oglobo, Sampaio said the ETF’s launch would progress institutional investment in the crypto sector.
Curated from CryptoCurrency.GDN
