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Canada Launches 3 ETFs to be launched on TSX Next Week

Bitcoin ETF coin with ETF text on coins
Bitcoin ETF coin with ETF text on coins

Canada has recently approved three Ethereum based ETFs. The three funds will debut at Toronto Stock Exchange (TSX) on April 20, 2021.

Canada seems to be more lenient on accepting crypto exchange-traded funds. The country recently approved three Ethereum-based ETFs. This development comes a few weeks after it approved three Bitcoin ETFs. The newly launched Ether funds will be launched on Toronto Stock Exchange on April 20, 2021.

Rise of Crypto ETFs

In February, Canada approved three Bitcoin exchange trust funds. The first-ever Bitcoin ETF was launched in North America named the ‘Purpose Bitcoin ETF.’ After the launch, this ETF attracted $165 million worth of trading volumes.

The recently launched Ether ETFs will be offered by CI Global Asset Management, Evolve ETFs, and Purpose Investments. These investment and asset management firms will be listed on the Toronto stock exchange (TSX) on April 20, 2021.

Both Evolve ETFs and CI Global Asset Management have experience in crypto, given that they have sponsored various ETFs over the years. To gain experience in this field, CI Global Asset Management has collaborated with Mike Novogratz of Galaxy Digital. Galaxy Digital is also awaiting approval for a Bitcoin ETF for the U.S. market.

Canada is approving Crypto ETFs at a faster rate than the U.S

Ethereum has been one of the best-performing cryptocurrencies. This token ranks as the second-largest in the world. It has also enjoyed a considerable price gain since the beginning of 2021. The current price of this token is more than $2400. This is a 1317% growth compared to its price at the same time last year.

Evolve has designed to launch their Ethereum ETF under the symbol ‘ETHR.’ Purpose ether will use Ether to settle other special units on the platform, including ‘ETHH,’ ‘ETHH.B’ and ‘ETHH.U.’ On the other hand, CI Global’s ETF will settle using USD and CAD units.

Canada’s move to approve three Bitcoin ETFs and three Ethereum ETFs is proof that the regulator is inclined towards accepting crypto assets as an investment tool. Approving and regulating such funds will be beneficial to the financial sector and the consumers of digital assets.

The U.S has, however, remained rigid in regulating crypto assets. This firm has at least eight applications for ETFs, and none of these has been approved. This may be causing interested investors in the country to miss the massive returns in the crypto market space.

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