The Brazilian Securities and Exchange Commission (CVM) has approved the launch of an ETF (exchange-traded fund) based on Ether.
The investment product from asset manager QR Asset Management tracks the price of the second-largest cryptocurrency by market cap according to the Chicago Mercantile Exchange's (CME Group) CME CF Ether Reference Rate index.
Gemini's custody service is the custodian of the ETF's crypto assets.
The Ethereum ETF, dubbed QETH11, will be listed on São Paulo's stock exchange B3. The platform will become the first in Latin America to launch an exchange-traded fund based on Ether.
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QR Asset Management is part of the QR Capital group. The company manages digital assets worth 594 million reais (around $115 million).
Brazil has become the second country in the world to approve an Ethereum ETF: in April 2021, Canadian regulators approved the launch of investment instruments based on the cryptocurrency.