Brazil, the largest country in Latin America, will also be the first to launch an exchange-traded investment fund (ETF) for Bitcoin and other cryptocurrencies in the region, and is already authorized by the Brazilian Securities and Exchange Commission (CVM) for this.
The vast South American nation has the authorization of the Brazilian Securities and Exchange Commission (CVM) to launch the first exchange-traded investment fund (ETF) for Bitcoin (BTC), and others cryptocurrencies, important in the market, in the country and in the region. According to carry According to local media, the CVM issued a statement authorizing the digital asset investment company, hashdex, to launch their product called Hashdex Nasdaq Crypto Index Fund which will be listed on the Brazilian B3 stock market under the ticker HASH11. This fund replicates the Nasdaq Crypto Index (NCI), which is an investment fund developed jointly by Nasdaq and Hashdex.
The Latin American ETF will be available for 6 cryptocurrencies, including: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Stellar (XLM) y Chainlink (LINK).
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The most important cryptocurrencies in the world
To select the cryptocurrencies that would be part of its fund, Hashdex applied a series of conditions to guarantee its product. For example, the company said that the Brazil ETF should be made up of cryptocurrencies that were listed and could be traded in at least 3 exchanges known and regulated. He also announced that cryptocurrencies had to have a floating price, have the support of at least two custodian companies recognized in the industry and represent at least 5% of the crypto market.
According to the data shown CoinMarketCap, BTC, ETH, LTC, BCH, XLM and LINK occupy about 75% of the entire crypto market together; Bitcoin and Ethereum being the most dominant cryptocurrencies within this industry. Likewise, Grayscale's update on its assets under management show that the investment funds for these cryptocurrencies are among the largest managed by the company.
On the other hand, the cryptocurrency company announced that the fund will begin in the coming days with a minimum of 250 million dollars in its initial offer, and although it did not announce an expected limit, it did indicate that the objective was to raise a “significantly larger amount” that of the initial offer.
Investors and cryptocurrencies
The proliferation of cryptocurrencies is attracting the attention of investors around the world, who are increasingly interested in being part of this growing industry. As indicated Kjell Inge Rokke, majority shareholder of the group Aker Asa, cryptocurrencies like Bitcoin have the potential to “become the core of a new monetary architecture.”
Røkke dedicated a letter to the company's shareholders to reveal Aker Asa's intentions to venture into the interesting ecosystems of Bitcoin and cryptocurrencies. The Norwegian company Aker Asa recently announced the creation of a new subsidiary company, called Seetee2, which will allow you to add and maintain bitcoins within your balances. Seetee2 has an initial capital of 500 million NOK (Norwegian crowns), equivalent to about 58 million dollars, which will be invested in Bitcoin. Likewise, Røkke announced that this capital will increase as the company acquires greater knowledge and experience in Bitcoin.
Finally, Røkke highlighted in his letter several of the qualities that make Bitcoin the best alternative financial system, and pointed out that people who know this cryptocurrency well are sure that “its future success is almost inevitable.”
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