AA NewsBitcoinbitcoin etfBrazilBTCEURBTCGBPbtcusdBTCUSDTCrypto News

Latin America’s First Approved Bitcoin ETF to raise $90 Million to Buy BTC

Following the recent approval of QR Capital’s Bitcoin exchange-traded fund (ETF), the Brazillian company is looking to raise $90 million to buy the bitcoin needed before trading commences.
Working Towards Acquiring Bitcoin
QR Capital made history after Brazil’s Securities and Exchange Commission (CVM) approved its application for a Bitcoin ETF, becoming the first of such in Latin America. As reported by CryptoPotato, the 100% Bitcoin ETF would trade on the Sao Paulo stock exchange, B3, under the ticker QBTC 11.
While trading is scheduled to commence in June 2021, the company behind the Bitcoin ETF stated that it was aiming to raise 500 million BRL ($90 million) to acquire bitcoin, according to a Forbes report.
Meanwhile, Fernando Carvalho, founder, and CEO of QR Capital said the company was looking to leverage on B3’s four million Brazilians who access the stock exchange. For Carvalho, the figure would mean that its Bitcoin ETF would see a surge in demand when trading begins.
Also, the QR Capital head said the firm would purchase bitcoin in overseas regulated cryptocurrency exchanges. In addition, the ETF would use CME Group’s CME CF Bitcoin Real Time Index (BRTI), to calculate the price.
Furthermore, Carvalho stated that BitGo and Coinbase Custody would act as custodians for the Bitcoin ETF. Commenting on QR Capital’s choice of custodians, Annemarie Tierney, a blockchain consultant, and former SEC regulator said that it was ironic that U.S.-based crypto companies would custody a Brazilian Bitcoin ETF, while U.S. regulators were yet to …
Story continues on Crypto Potato

Related posts
BitcoinBTC Trading ViewNewsNews 1Trading View

What to expect from this later-stage bull market of Bitcoin?

Lately, the Bitcoin market appears to be taking two steps forward only to move a step back. For instance, on 13 March, the price of Bitcoin reached an all-time high of $61,711.87, and instead of consoThe post What to expect…
$10000 BTC200 block rewards2010 Block Reward2010 Mined CoinsBitcoinBitcoin CashBitcoin.combitcoinsvblock rewardsBTCBtcparser.comcryptocurrencyFeaturedMined Coinsmoved coinsparserSatoshi NakamotoSatoshi-Era coinssleeping bitcoinspentwhalewhale miner

Mystery Whale Moves 20 Bitcoin Block Rewards from 2010, Entity Moved 10,000 BTC Since Last Year

On Tuesday, March 23, the infamous whale that’s been spending numerous strings of 2010 block rewards since last year, has spent another 1,000 bitcoin that sat idle for over a decade. The string of 20 block rewards transferred on Tuesday,…
AA NewsBitcoinBTCEURBTCGBPbtcusdBTCUSDTCrypto banCrypto NewsIndiaSocial

India Should Not Ban Crypto as It’s an Asset Class, Said Tech Billionaire Nandan Nilekani

The Indian people need and should have access to cryptocurrency assets, said the co-founder of Infosys – Nandan Nilekani. The billionaire, who is also an advisor to government agencies and the country’s central bank, recently spoke against the country’s intentions…