AUS
NZ
UK
CA
USA
IND
Summary
- Brazil is set to become the first Latin American nation to offer Ethereum exchange-traded fund (ETF)
- QR Capital, a Brazilian FinTech firm, will buy and sell Ether tokens for its subscriber through the Gemini crypto exchange.
- Institutional investors are expected to beef up their Ether inventories in the wake of the upcoming Ethereum 2.0 launch. The crypto token is up 733 per cent in the past one year.
Brazilian Blockchain-powered FinTech company QR Capital is set to launch its Ethereum exchange-traded fund (ETF) on Sao Paulo-based B3 exchange after getting the final nod from the securities regulator.
Brazil’s stock market exchange will offer Ethereum ETF under the ticker symbol QETH11, QR Capital said in a tweet on Tuesday, July 13. The company will use Gemini’s crypto exchange to facilitate Ethereum’s real-time data.
Earlier the blockchain company successfully launched Bitcoin ETF in June after receiving approval from Brazil’s Securities and Exchange Commission. Brazil is the first Latin American country to approve trading in crypto ETFs.
The fintech firm will buy ether tokens from the Gemini crypto exchange on behalf of its subscribers, who need not worry about managing crypto wallets or private key theft.
Let us look at Ether’s price performance and Ethereum 2.0 launch progress:
Ethereum (Ether)
Ethereum, a smart contract facilitator, is the second-largest project in the cryptocurrency market. Ether is the native token of the blockchain-backed decentralized finance (DeFi) network. Ether is currently trading at US$ 1,975 apiece, up to two per cent in the last 24 hours.
Following El Salvador’s adoption of Bitcoin as legal tender, Latin American countries have started taking interest in the crypto industry. The next stop for investors is Ethereum due to its unique utility in the field of DeFi projects.
Ether is up 166 per cent this year, up multiple folds as compared to Bitcoin, which has gained 12 per cent year-to-date. Despite two consecutive crossovers, Ether has maintained its triple-digit yield year-to-date.
Image source: pixabay.com
Why is Ether still a buy?
Ether tokens seems to be undervalued and are trading 55 per cent below their record high of US$ 4,382 per unit. However, its blockchain platform has been actively used by decentralized application developers across the world for commercial purposes and digital asset offerings.
In May, crypto experts forecast Ethereum token may hit US$ 10,000 per unit by the end of 2021. Institutional investors are expecting to stake in Ether worth US$ 40 million by the mid-decade. Staking pool firms have been awaiting the launch of Ethereum 2.0, which will resolve high gas fees and slow transaction issues on its blockchain network.
Ether is up 733 per cent in one year, the push generated by support to FinTech projects via 2.0 DeFi services.
Amid rumours of Ethereum recovering by the fourth quarter of this year, blockchain companies have been beefing up their Ether inventories.
