Brazil Approved the First Ether-based ETF in Latin America

by in Cryptocurrency News

Brazil Ethereum ETF

Brazil Approved the First Ether-based ETF in Latin America

Related: Brazil the First in Latin America to Authorize Bitcoin ETFs

As Brazilian media reports, the country's Securities Commission has approved the first Ether ETF in Latino America. The product managed by QR Asset Management will operate under the symbol QETH11. It will function on Brazil's stock market Bolsa, Balcão, B3.

The news comes a few months after the country validated the first BTC ETFs by QR Capital in March.

QETH11 follows the Ether index used by global markets firm CME Group. The custodian of the fund is the Gemini led by Winklevoss Twins.

The first country globally that approved crypto ETFs was Canada. In February, the country’s regulatory authorized the Purpose Bitcoin ETF. Then, in April it verified three Ether ETFs.

Ether's price has fallen over 18% over the last 7 days. Currently, the token trades at around $1940 with a market cap of $227.1 B.

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Eth’s price is about 55% down from its all-time high of $4356 reached on May 12.