Canada holds up to its reputation as a crypto-friendly nation. After the first Bitcoin ETF in North America, the first Ethereum variants are now coming. It is now putting the SEC under pressure in the neighboring United States as well.
While the SEC is still struggling with bitcoin ETF approval in the US, neighboring country Canada is moving forward. After the first bitcoin, there are now approvals for three Ethereum-based ETFs as well. Objective Investments, CI Global Asset Management and Evolve ETF all received almost simultaneous approval to launch such exchange traded funds in Canada. The ETFs will be the first of their kind in North America and one of the first Ethereum ETFs in the world.
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Like a Bloomberg expert rolled into one Tweet Noted, this triple approval may indicate that Purpose was not trying to give an unfair advantage to the objective. an objective Already lagging behind the first Bitcoin ETF in North America. It hit investors so hard that deposits quickly exceeded billions. Objectives contestants, who have also submitted an application, are still awaiting approval. For comparison: the Bitcoin ETF of rival Evolution Fund Group brought “only” 100 million CAD in investor funds. It started as the objective only two days later and also charged a 25 percent reduced administration fee.
ETF approval is beneficial for all investors
Even though these newly approved funds are all based on ETH, there is increasing pressure on the US Securities and Exchange Commission to file the first application for a bitcoin ETF. The next decision deadline ends on April 29. Our current commentary on the subject argues that bitcoin fans who do not invest in ETFs will also benefit from approval.
In terms of their position, ETFs are special assets and enjoy the same protection as actively managed funds. In particular, for investors this means that their money is kept separate from the assets of the respective fund company. If it gets into financial difficulties, the investors’ money is not affected. Trading of the three Ethereum ETFs will begin on April 20 on the Toronto Stock Exchange (TSX).
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Bitcoin gets a lot of attention because it was the first major cryptocurrency. But the Ether and Ethereum ecosystem is undoubtedly one of the most exciting new technology examples. By keeping ETFs upright and being the first ETFs to join Ether, we are giving every investor access to this unique ecosystem.
In a statement, said the founder and chief executive officer of Purpose Investments, Som Safe.