Australia isn’t stepping on the brakes this time as it took a huge step of enlisting their first ever ETF to invest in Bitcoin and Ethereum. And it’s going live on April 27.
21Shares and ETF Securities have recently teamed up to launch two funds that are to be listed in Australia’s CBOE Exchange Trading Platform.
Aussie ETF Bets Big On Crypto
It’s the first ever Australian exchange-traded fund to place their cards on Bitcoin and Ethereum. These funds are bound to go live.
Graham Tuckwell of ETF Securities Australia clearly states that they only have 21Shares in mind to partner up with when they create crypto EFTs specifically for the Australian market.
EBTC will be tracking Bitcoin price in Australian dollars and EETH will follow the Ether price in Australian dollars.
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EBTC and EETH are both designed in such a way that traders and investors get to play with confidence in a secure and highly regulated cryptocurrency arena without having to manage their own BTC or ETH wallets.
Both funds are strongly backed by assets stored in Coinbase.
Hany Rashwan, Co-Founder and CEO of 21Shares, shares the same excitement with that of Graham Tuckwell as this is going to be a giant breakthrough for Bitcoin and Ethereum investors in Australia.
They’re bringing the crypto investing game close to home with an accessible, secure, hassle-free, and affordable way of growing and investing into these diverse crypto assets.
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Crypto total market cap at $1.81 trillion on the daily chart | Source: TradingView.com
Deep War Chest
21Shares has more than $2.5 billion in assets to date and their products are currently listed on 10 different trading platforms in Europe. They have launched ETPs this year including but not limited to Uniswap (UNI), Aave (AAVE), and Chainlink (LINK).
Investments in varied crypto assets are a common occurrence anywhere in the world but it’s the first time that it’s being introduced in Australia. It has been a long painstaking journey for Rashwan but aiming for the long game matters after all.
Unfazed By Volatility
Considering that Australian regulators have recently tagged crypto assets as extremely volatile and isn’t a good fit for the market, this is definitely a monumental event for the crypto industry.
On the flipside, the US Securities and Exchange Commission are continuously limiting the approval of ETFs. In fact, One River and WisdomTree, two spot Bitcoin ETF proposals, are still awaiting decision and approval.
The mass adoption of these digital assets in Australia and the world is a dream state for Rashman. Australia has a huge appetite for crypto retail and investing that ETFs aim to satiate by way of stock trading.
Featured image from Finbold, chart from TradingView.com
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