Australia to List Bitcoin & Ethereum ETFs for the First Time By DailyCoin

Australia to List Bitcoin & Ethereum ETFs for the First Time

Australia is set to list its first three cryptocurrency exchange-traded funds (ETFs) on Thursday, May 12th. The first-ever Austrailian crypto ETFs will go live on the CBOE exchange network, and will be managed by Cosmos Asset Management and ETF Securities. The three freshly made ETFs are based on BTC and ETH, and will be known as ‘Cosmos Purpose Access ETF’, ‘ETFs 21Shares Bitcoin ETF’ and ‘ETFs 21Shares ETF’.

An ETF consists of funds that are traded on exchanges. When traders invest in an ETF, they get a bundle of assets that can be bought or sold during active market hours. For a lot of long-term investors, ETFs are considered safer than stocks because of the possibility of broad portfolio diversification.

The three ETFs were supposed to see be listed in April, but had to be postponed as one of the primary brokers decided not to list the ETFs due to the ‘volatile nature of cryptocurrencies’. However, his skepticism didn’t pay off. Though his colleagues weren’t able to change his mind, the ETFs found a new lease of life with a new different broker a month later.

First Cryptocurrency ETFs Approved in Canada and Switzerland

Canada and Switzerland are both working to keep up with innovations in the industry, and will soon release their own crypto-based ETFs. Canadian company 3iQ Digital Asset Management seized the opportunity, taking advantage of the delay to Australia’s ETFs to offer two of their own ETFs to the Australian public. ‘BT3Q’ and ‘ET3Q’ offer Bitcoin and Ethereum funds respectively, and represent strong challengers.

On the Flipside

By contrast, The U.S. is still struggling to accept physically backed Bitcoin EFTs, but the new crypto bill signed by President Joe Bidden may be the catalyst needed to push things forward.

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