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•CEO announces plans to list their brand new ETF on the JSE
•The application was previously revoked by the JSE
•South African firms utilize the increasing popularity of cryptocurrency.
Sygnia, another South Africa-based company, is planning to apply at the Johannesburg Stock Exchange for listing their brand new cryptocurrency exchange-traded fund (ETF). News.Bitcoin website reported this news. Sygnia is a cyber management and services company that promises very high-end and spontaneous consulting and response to organizations all over the world.
Sygnia’s Second Attempt to List the ETF
More importantly, this will be the company’s second time seeking approval for the cryptocurrency ETF. Previously, in 2017 JSE rejected its application for a very identical request of listing the ETF. According to the JSE, the reason for leaving the company’s request was because the exchange was not capable or somewhat ready to approve such cryptocurrency listings. Adding to the surprise, the CEO of Sygnia, David Hufton, confirmed that the same structure from 2017 for the application would be utilized to reapply for the listings. Hufton believes that with cryptocurrency becoming more and more eminent, the JSE will be more considerate while handling their application. Also, the CEO notified that the company intends to re-list the ETF any time now.
South African Firms Creating a new Opening for Institutional Investors
Very recently, Earle Laxton, the Co-founder of another South African crypto index fund, EC10 (previously known as DCX Capital), also announced their plan to launch the nation’s first ETF. And Sygnia becomes the latest South African company to reveal its intentions on the ETF. This suggests that many South African companies are trying to involve institutional investors to get a hold of bitcoin through their ETFs. A similar idea was clarified by Magda Wierzyca, who in an interview said that these ETFs were mainly targeted at engaging investors with cryptocurrency.
JSE Director Clarifies the Conditions for a Successful Approval
However, the JSE director, Andre Visser, has put forward a certain set of conditions that the company must meet for the successful approval of the ETF. The director also added that in the process, the JSE might also associate with other regulators, which included the Financial Sector Conduct Authority, the South African Reserve Bank, and international regulators. Wierzycka also announced that apart from reapplying for the ETF, they are also developing two new technology global equity funds – an autonomous tech fund and another biotech tech fund.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
