Canada is making a name for itself as pro-crypto. Two months after approving the world’s first Bitcoin ETF, Canadian regulators have now given a nod to the world’s first Ethereum exchange-traded fund (ETF).
The approval was given to Toronto-based asset management firm Purpose Investments. Recall that the company was also the first to receive a Bitcoin ETF approval from the Ontario Securities Commission (OSC) back in February.
As per the official announcement on April 16, Purpose will manage the ETF, and Ether Capital Corporation will act as a “special consultant” to Purpose.
Purpose Investments CEO Som Seif expressed his excitement over the approval. According to him, Ethereum is “one of the most exciting” technologies in the crypto space. He said:
While Bitcoin tends to get a lot of attention as it was the first major cryptocurrency, what Ether and the Ethereum ecosystem represent is one of the most exciting new technology visions today in society. By launching the first ETF in the world that directly owns and provides exposure to Ether, we are enabling every investor to have access to this unique opportunity and ecosystem.
As reported by BTC PEERS, Canadian Bitcoin ETFs have already attracted around $1.3 billion since their launch two months ago. Moreover, Purpose Investments’ Bitcoin ETF is leading the pack after surpassing $1 billion in assets.