Brazilian authorities have allowed ETFs based on the Solana native token to be traded
QR Asset and Vortx will be the issuers of the first such product
08.08.2024 - 08:50
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What’s new? The Brazilian Securities and Exchange Commission (CVM) has approved the launch of exchange-traded funds (ETFs) based on the Solana (SOL) blockchain’s native token. Currently, the first such product is in the pre-launch phase and has yet to be approved by Latin America’s largest stock exchange, B3.
What else is known? The first SOL ETF in Brazil will be launched by asset management company QR Asset in conjunction with fintech company Vortx. The product will be backed by the CME CF Solana Dollar Reference Rate index, created by CF Benchmarks and backed by the Chicago Mercantile Exchange (CME).
The fund will be one of the first SOL ETFs globally. The very first SOL ETF was launched by Swiss investment product provider 21Shares on the SIX Swiss exchange in June 2021. Currently, 21Shares is also launching spot BTC- and ETH ETFs in the United States together with investment firm ARK Invest.
Coinbase becomes a custodian partner for the first SOL-based ETP in North America
The product from 3iQ is awaiting approval from the Canadian regulator
“We are proud to be global pioneers in this segment, consolidating Brazil’s position as a leading market for regulated investments in crypto assets,” said senior executive Theodoro Fleury.
The country has already developed a favorable environment for the launch of new crypto ETFs. Between 2021 and 2022, B3 registered BTC ETFs and ETH ETFs, and in March 2024 began offering the IBIT BTC ETF from the world’s largest investment company BlackRock, launched in the United States on January 11.
As for the United States, in July, the Cboe stock exchange officially appealed to the Securities and Exchange Commission (SEC) with a request to allow asset managers VanEck and 21Shares to bring spot SOL ETFs to the market, but the request has not yet been satisfied.
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