The start of the first Crypto ETF has been postponed for a few days but this is not necessarily something negative. Instead, the Bank of Brazil joins the ranks of those issuing such ETFs, following in the footsteps of Bank Itaú and BTG Pactual.
According to a letter from Hashdex to its customers, the aforementioned state-owned bank will offer its customers the opportunity to purchase Hashdex Crypto ETF, which will be traded under the “HASH11” badge.
In other words, customers of the Bank of Brazil (Banco do Brasil) will be able to get exposure to the chapter that “imitates” the Nasdaq Crypto Index. The letter clarifies that the start of ETF trading will take place on April 26th, 2021, instead of April 22nd, as originally planned.
With this move, the banking institution becomes the first state-owned bank in the world to offer such an opportunity to its customers.
According to Hashdex, subscription orders can be deposited until April 20th, and these only by approved licensed agents who can act either on their own behalf or on behalf of their clients.
Hashdex ETF, HASH11, coordinated by BTG Pactual and Genial, includes the following cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Chainlink (LINK), Bitcoin cash (BCH), and Stellar (XLM).
The trading of HASH11 on the Brazilian Stock Exchange marks another milestone in the world of cryptocurrencies. However, HASH11 will not be accessible to everyone. Strict regulations of the SEC prevent small investors from accessing HASH11 due to the “high degree of risk” involved. Only professional investors with investments of more than 10 million Brazilian Real ($1.79 million) in the financial markets have access.