India plans to launch its first bitcoin ETF
The Torus Kling Blockchain company is currently awaiting the local regulators' approval
14.01.2022 - 13:40
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What’s new? Torus Kling Blockchain, a joint venture (JV) between Cosmea Financial Holdings and Kling Trading India, has signed a cooperation agreement with the India International Exchange. The document aims to launch an ETF based on Bitcoin and Ethereum futures on the platform. It is reported by The Times of India.
Material on The Times of India website
What is known about the JV's plans? The Torus Kling Blockchain ETF will operate under the sandbox of the International Financial Services Centres Authority of India. If approved by the local regulators, the fund will be launched by the end of the first quarter of 2022.
The discount certificates are also planned to be launched on the JV’s basis. They will track the performance of the securities of the companies oriented on the operation with the metaverses.
What did the CEO of Torus Kling Blockchain say? According to Krishna Mohan Meenavalli, the JV’s CEO, the ETF being launched is just the tip of the iceberg.
“Such ETFs allow trading through regular investment accounts, bypassing the hassle concerns that the crypto exchanges usually face.”
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