They finally launch a Bitcoin ETF … in Bermuda

Several companies have struggled for years to get a Bitcoin ETF approved in the US Now, the Bermuda Stock Exchange will have one. Hashdex, a fund manager based in Brazil, and the US stock exchange Nasdaq have launched a cryptocurrency ETF to be listed on the Bermuda Stock Exchange.

A cryptocurrency ETF will allow traditional investors to get involved in digital asset trading. The United States Securities and Exchange Commission has rejected several applications for Bitcoin ETFs. A Bitcoin ETF has landed in Bermuda.

The Bermuda Stock Exchange (BSX) announced on Friday that it has approved the Hashdex Nasdaq Crypto Index ETF on its trading platform. This ETF is a joint venture with Hashdex, a fund manager based in Brazil, and the American stock exchange Nasdaq.

The announcement comes after American companies have struggled for years to get a Bitcoin ETF approved. Last year, the Securities and Exchange Commission (SEC) rejected a Bitwise Asset Management proposal for a cryptocurrency ETF, saying such a market did not exist. And while Europe has several products traded in the crypto market, it does not yet have an ETF.

An ETF is an investment that can be easily traded on the stock market. A Bitcoin ETF tracks or tracks the price of Bitcoin, so that people who want to speculate on the price of Bitcoin can do so without having to own the asset.

The silver lining is that a cryptocurrency ETF basically allows those involved in traditional finance to invest and trade Bitcoin or other digital assets on the platforms and markets that they are already familiar with – leaving things like private keys, storage, and general security to a third party to manage them.

BSX’s cryptocurrency ETF will cover “a portfolio of blockchain-based cryptocurrencies and assets that are tracked by the [Nasdaq Crypto] Index,” according to an explanatory document. About three million Class E shares will be available to trade on Hashdex’s Nasdaq Crypto Index at $ 1,000 per share, according to the announcement. It is not yet clear which cryptocurrencies will be represented.

Bermuda, a British overseas territory in the Atlantic Ocean, is an increasingly crypto-friendly nation. This month, the government announced that it is testing a stablecoin. One proposed bank, Jewel, is working to become the archipelago’s first digital asset bank.

References: decrypt.co

Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.

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