Brazilian manager Hashdex has obtained the approval to launch the world’s first cryptocurrency Exchange Traded Funds (ETF), in partnership with Nasdaq.
Named Hashdex Nasdaq Crypto Index ETF, the product will be listed on the Bermuda Stock Exchange, as per local media reports.
It is expected to be available by the end of the year, which will replicate the Crypto Nasdaq Index, a joint effort of Nasdaq and Hashdex, which aims to attract institutional investment in cryptos.
Hashdex already has three crypto funds available for investment, with the most accessible one being Discovery that has a minimum investment of $500 and a management fee of 1% per year.
While in the US, several attempts at Bitcoin ETF have been rejected by the Securities and Exchange Commission (SEC). Hashdex has chosen the island specifically because of Bermuda’s crypto-friendly regulations.
According to Marcelo Sampaio, CEO of Hashdex, Nasdaq’s formal entry into the digital assets market is yet another confirmation that investments in crypto are being viewed with greater interest and confidence. He said,
“This process should also speed up the entry of institutional investors in this segment. It is a trend that increasingly becomes concrete.”