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The Bank of Brazil is the first state-backed bank to give customers access to a cryptocurrency exchange-traded fund (ETF)

Exchange-traded fund

The launch of Brazil’s first cryptocurrency exchange-traded fund has been delayed, but not because plans have fallen through. The Bank of Brazil (Banco do Brasil) has decided to enter the ETF bandwagon, following in the footsteps of Bank Ita and BTG Pactual.

The new launch date has been set for April 26

According to a letter sent to Hashdex’s clients, the state-backed bank will be able to give its customers the option of purchasing Hashdex’s cryptocurrency exchange-traded fund , which will trade under the ticker “HASH11.”

Customers of the Bank of Brazil, on the other hand, can gain exposure by investing in the fund, which will monitor the Nasdaq Crypto Index (NCI). The letter clarifies that the exchange-traded fund ill make its debut on April 26, 2021, rather than April 22, as previously announced.The banking institution becomes the first public bank in the world to deliver such exposure as a result of this manoeuvre.

According to Hashdex, subscription orders can be placed until April 20th, and only registered agents “who can do this on their own behalf or on behalf of customers” will be able to do so.

The Ita, BTG Pactual, and Genial-coordinated Hashdex Nasdaq Crypto Index (HASH11) is made up of crypto assets including bitcoin (BTC), ethereum (ETH), litecoin (LTC), chainlink (LINK), bitcoin cash (BCH), and Stellar (XLM) .

HASH11 to be Listed on the Brazilian Stock Exchange

Overall, the introduction of the crypto ETF into the Brazilian market indicates that another barrier to crypto adoption has been overcome. Small investors are barred from participating in the crypto industry due to the “extreme risks” it poses, according to CVM (Securities and Exchange Commission) regulations.

Furthermore, professional investors with over 10 million Brazilian real ($1.79 million) in financial markets assets are only eligible to invest in the Hashdex 100 fund offered in Brazil.

HASH11 will be traded on the Brazil Stock Exchange after its formal launch on April 26, 2021.

Source : Aox crypto News

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