While some countries are banning cryptocurrencies, many are even embracing them. And Canada falls among the latter. The country has recently approved two Ethereum ETFs in just one day. These funds are of companies Purpose Investments and CI Global Asset Management. This move is seriously going to have a net positive impact on the price of Ethereum. And as more ETFs continue to be approved, we can expect crypto to behave similarly to Gold when its first ETF was approved.
About the Ethereum ETFs
Talking about the first Ethereum ETF, it was owned by Purpose management. The company Gemini will act as the Sub-custodian of the ETF, and CIBC Mellon Global Securities will play the role of the fund administrator. According to the reports we have, the company plans to keep Ethereum in cold storage. We also have the ETF by CI Global Asset management that will launch on the Toronto Stock Exchange. CI GAM will manage the ETF, and Galaxy Digital Asset Management will act as the sub-advisor for the same.
As the markets increase in size and the use of blockchain tech-based on ETH increases, we can expect that the investment in Ethereum will boost even more. Ultimately, there are a lot more practical uses to Ethereum as compared to Bitcoin. So, investing in an ETF is actually a great opportunity as it can be a good way to get into the crypto market indirectly. The fund will perform as the currencies do in the market and will give you all the benefits of investing in crypto.
The first Bitcoin ETF in Canada
Just about two months back, Canada has approved a Bitcoin ETF that has been doing really well. The ETF was held by the Purpose Investments firm and held over 10k Bitcoins in just a week of approval. It also had a serious impact on the price of Bitcoin. Just think that the US market is about 26 times the market size of Canada, so how big an ETF will get when approved in the country. But it is difficult to say whether or not the SEC will take a different approach to the situation and actually approve an ETF.
What are your thoughts on the approval of two Ethereum ETFs in Canada? And will you be interested in investing in one on given the opportunity? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.