The Securities and Exchange Commission of Brazil (CVM) has approved the first Bitcoin ETF in Latin America. The news was announced in a tweet by asset manager QR Capital on the 19th of March. The new development makes Brazil the second country to approve a Bitcoin ETF. The fund will trade under the “QBTC11” ticker on the B3 stock exchange.
In a Twitter thread, QR Capital said the aim of the ETF is to offer easy and secure Bitcoin exposure. The QR team stressed providing easy Bitcoin exposure as investors will no longer bother about exposing wallets or private keys. QR Capital explained:
“Just type “QBTC11” in the terminal of your favourite broker to invest in the most valued asset of the decade.”
Noting safety, the team said that the “safeguard” would allow investors to have more legal assurance to include Bitcoin to their wallets “in the most professional way possible.” In a statement made last year, QR Capital’s CEO Fernando Carvalho stated his opinion about ETFs’ regulatory approvals. He said:
“…we believe that in the next upwards cycles, regulated funds will be the main investment channel, providing safe and regulated access to the sector.”
QR Capital said that QBTC11 is the fourth in the world, following the launch of three ETFs in Canada in 2020.
Image Credits: Pixabay
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