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- Brazil’s cryptocurrency market is flourishing, thanks to enthusiastic day traders and investors
- Hashdex Asset Management’s BITH11, a new exchange-traded fund (ETF) launched in Brazil, caused waves in the community
- It’s worth noting that Hashdex introduced its first crypto-focused ETF, HASH11, in April. HASH11 has seen a huge increase since then
In Brazil, cryptocurrency is booming, thanks to avid day traders and investors looking to profit from the current bull market. Brazil has recently been trending in exchange-traded funds (ETFs). The BITH11, Brazil’s first Green Bitcoin ETF, has been launched. The stock market now has four crypto-related ETFs. Brazil continues to make strides in developing new cryptocurrency investment opportunities. It just introduced a brand new Bitcoin ETF — with a green twist — this week. The Hashdex Nasdaq Bitcoin Reference Price, which trades under the ticker BITH11, is a replication of the Nasdaq Bitcoin Reference Price Index. This would be the second ETF in Brazil to offer 100 percent exposure to Bitcoin, competing with the QR CME CF Bitcoin Reference Rate or QBTC11, which was recently approved as well.
Brazil Has a New Bitcoin ETF That Is Eco-Friendly
However, Hashdex’s proposal differs from that of its QR Assets-managed rival. It aims to offset carbon emissions caused by Bitcoin investments.
The First Green Bitcoin ETF in Brazil will use audits from Germany’s Crypto Carbon Ratings Institute (CCRI) to analyze the environmental impact of BITH11 investments, allowing it to invest 0.15 percent of its liquid assets in carbon credits and environmentally beneficial technology each year.
The relevance of this project was underscored by Rogerio Santana, director of the B3 (Brazil’s largest stock market), who said that, in addition to complying with the country’s legal standards, BITH11 encourages a good influence not just on the industry but also on the entire ecosystem. He was also thrilled to have one of the region’s most comprehensive bitcoin investing options.
This would be Hashdex’s second exchange-traded fund. The first, HASH11, or Hashdex Nasdaq Crypto Index, tries to imitate the performance of the Nasdaq Crypto Index (NCI), which measures a hypothetical basket of cryptocurrencies like Bitcoin, Ethereum, Chainlink, Bitcoin Cash, and Stellar Lumens.
In addition to this offering, the first 100 percent Ethereum ETF was approved just a few days ago. QR Assets manages the QR CME CF Ether Reference Rate, or QETH11, which tracks the price behavior of ETH via the CME CF Ether Reference Rate. As a result, Hashdex and QR Assets have complete control over the Brazilian crypto ETF industry. The two investing businesses have also elevated the country to the top of the list of countries with the most diverse exposure to cryptocurrency exchange-traded funds (ETFs).
A Crypto Ecosystem on the Rise
Brazil has a rather rigorous regulatory structure in place when it comes to crypto investments, but the country is also undergoing considerable regulatory reform, thanks to its regulatory sandbox. In addition, the crypto industry’s face has been cleaned by an expanding network of service providers.
Users can get a free bank account with the possibility to purchase and sell Bitcoin at market prices through services like Z.ro Bank, Alter, and Uzzo Pay. Users can also use prepaid credit cards to pay with money from their bank accounts.
In addition, the popularity of crypto exchanges has risen dramatically. Despite the retirement of its country manager, Binance has solidified its position as the top choice, but other services such as Biscoint, Mercado Bitcoin, Ripio, and Satoshitango are also growing in popularity as interest in cryptocurrency grows.
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.
