Brazilian fund manager Hashdex has signed an agreement with Nasdaq to launch the world’s first cryptocurrency fund (ETF) on the Bermuda Stock Exchange (BSX).

Oslo Børs announced that it had approved the “Hashdex Nasdaq Cryptocurrency Index” on September 18, which means that 3 million Class E shares will be listed for trading on the platform. Cointelegraph Brazil confirms Nasdaq and ETF partnership with Hashdex CEO Marcelo Sampaio

According to local media reports Infomoney, the fund will earn and will be traded on the stock exchange until the end of the year. The report notes that Hashdex decided to apply for BSX due to Bermuda’s crypto – friendly rules.

Exchange traded funds offer institutional investors a structured and secure way to access commodity positions without owning the underlying assets.

Although no further details have been announced regarding the ETF, Hashdex said that the method and other important product-related information will be released by Nasdaq on the day the product is launched.

Sampaio commented on the large Brazilian newspaper Oglobo and said that the ETF launch would increase institutional investment in the crypto sector.

Hashdex currently manages $ 46.4 million in assets covered by four funds, including one with cryptocurrencies. The company has been audited by KPMG, its most important financial institution is Silvergate Bank, and the managers of cryptocurrencies in Hashdex are Xapo, Kingdom Trust and Vo1t.

Earlier this week, Raoul Pal, CEO and former fund manager of Goldman Sachs, predicted that the launch of a Bitcoin ETF in the US was imminent, saying:

“I want to give you the greatest opportunity of your life: they will receive ETFs across the border. Billions of dollars will be spent on it. Every retirement plan gives him money. Each family office will allocate some money for this. The higher the price, the more they release. ”
In recent years, the US Securities and Exchange Commission (SEC) has rejected Bitcoin ETF offers from the Winklevoss twins, Wilshire Phoenix and NYSE Arca.

Source: CoinTelegraph