Authorities in Brazil have made a record breaking decision as they have approved a Bitcoin exchange trust fund (ETF) which is the first of its kind in Latin America. The South American country becomes the second country after Canada to make this noble choice.
The ETF, QR Capital’s Bitcoin ETF will be trading under the QBTC11 ticker in the B3 stock exchange based in Sao Paulo. The ETF will be using CME CF Bitcoin Reference Rate which is an highly esteemed cryptocurrency benchmark to determining its daily net asset value (NAV).
Canada’s Bitcoin ETF Crosses $1 billion Mark
The first Bitcoin ETF has started off on a hot streak as its Asset under management (AUM) has crossed the $1 billion mark. The Purpose Investments Bitcoin ETF which is the first of its kind in the world recorded over half a billion in its AUM just a week into its existence.
After the Purpose Investments ETF, two other ETFs have been approved by the Canadian authorities which is an indication that the clamor and the race for this development of this nature is heating up.
There are indications that the United States could also be on the verge of approving its own ETF. We reported the case of VanEck which recently resubmitted its form to the Securities and Exchange Commission. This application is, however, currently under review.