Benzinga | Jul 14, 2021 07:30PM EDT

Brazilian Securities Regulator Approves First Ethereum ETF To Trade In Latin America

An Ethereum (CRYPTO: ETH) exchange-traded fund (ETF) has been approved by the Brazilian Securities Commission (CVM) to trade on the B3 stock exchange.

What Happened: According to a report from Brazilian media outlet Info Money, the passive Ethereum ETF managed by QR Asset Management will track the movements of the digital asset Ether and trade under the ticker symbol "QETH11."

QETH11 will follow the same Ethereum index used by the CME Group - the CME CF Ether Reference Rate.

Last month, QR Asset Management launched a Bitcoin (CRYPTO: BTC) ETF on the B3 stock exchange.

Why It Matters: The QR Capital group, the parent company of QR Asset Management, noted that the development marks the first 100% Ethereum fund to trade in Latin America.

"Expanding the horizon of diversification, QETH11 becomes a simple, safe and regulated option for any investor to gain direct exposure to Ethereum through their preferred brokerage. Without worrying about registrations in exchanges, wallets or private keys," said QR capital.

Read also: Bitcoin ETF Proposals: The SEC's Long History Of Rejections

The ETF manager also said that it would use Gemini's institutional crypto custody services to manage its funds.

Meanwhile, a cryptocurrency ETF in the U.S. is still yet to be approved by the U.S. Securities and Exchange Commission (SEC).

Price Action: At press time, Ethereum was trading at $1,993 down by 2.72% over the past 24-hours.

The leading digital asset, Bitcoin, was trading at $32,812 down by 0.46% over the same period.