Canada is re-upping its support for the cryptocurrency sector, launching the first Ethereum exchange-traded funds (ETFs) in North America just months after launching the first Bitcoin ETF on the continent.
ETFs combine the ease of stock trading with the diversification benefits of mutual funds. Often, they have lower fees than other type of funds, but they trade at market-determined prices that can differ from the underlying asset they are designed to track.
[adinserter block="1"]Now live, Purpose Investments’ Ether ETF, CI Global Asset Management’s Galaxy Ethereum ETF and Evolve will provide traditional stock investors with exposure to ETH, the crypto asset that powers the Ethereum blockchain.
US investors will not be able to buy and sell the ETFs unless they have access to the Toronto Stock Exchange.
Says Purpose Investments founder and CEO Som Seif,
“While Bitcoin tends to get a lot of attention as it was the first major cryptocurrency, what Ether and the Ethereum ecosystem represent is one of the most exciting new technology visions today in society.
By launching the first ETF in the world that directly owns and provides exposure to Ether, we are enabling every investor to have access to this unique opportunity and ecosystem.”
Canada has been a leader in crypto ETFs, launching the first North American Bitcoin fund earlier this year also on the Toronto Stock Exchange. Those ETFs now have more than $1 billion in assets under management.
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