QR Capital has received approval to launch an Ethereum ETF on the Brazilian stock market.
Ethereum ETF Receives QR Capital Approval
On the Brazilian stock exchange, an Ethereum ETF is scheduled to become online.
QR Capital, a cryptocurrency investment business, will offer the ETF on B3, the country’s second-oldest exchange. It will begin trading under the ticker QETH11. The news was shared via QR Capital’s Twitter account on Tuesday.
QR Capital stated in its release that B3 would be the first Latin American exchange to offer a 100 percent Ethereum ETF. It will be based on CME Group’s CME CF Ether Reference Rate, with ETH custody handled by Gemini. As a result, QETH11 investors will not be required to manage their private key or seed phrase, which has historically been obstacle to adoption.
While Bitcoin has dominated the public attention given to cryptocurrency, Ethereum and its ETH currency have recently attracted institutional investors and businesses such as QR Capital. Last month, Anchorage, a digital assets business aimed at institutions, introduced ETH-backed loans. In addition, CME now offers ETH futures, while Goldman Sachs aims to expand its crypto offerings with ETH options and futures.
In the following months, Ethereum will roll out two critical updates: EIP-1559 and Proof-of-Stake. While EIP-1559 would impose an ETH fee burn on every Ethereum transaction, the move to Proof-of-Stake is part of a larger strategy to make the blockchain more scalable. Moving away from Proof-of-Work will also improve the network’s energy efficiency by 99.95%. With such high expectations for both upgrades, many people are beginning to consider ETH a viable investment option. If the changes go well, Ethereum may receive institutional acceptance similar to QR Capital’s ETF.