Posted 1 year ago | by Ben Armstrong

Brazil’s Hashex Partners With NASDAQ to Launch The First World’s Bitcoin ETF

A strategic partnership has just been formed between Nasdaq and Brazilian Hasdex to roll out the world’s first Bitcoin ETF to the Bermuda Stock Exchange.

Regulated Brazilian fund manager Hashdex has signed a contract with Nasdaq Stock Market to bring the world’s first crypto asset exchange-traded fund (ETF) on the Bermuda Stock Exchange (BSX).

The announcement on September 18 revealed that the stock system issued its "Hashdex Nasdaq Crypto Index,” along with 3 million Class E shares for trading on the platform.

Following the announcement, Cointelegraph Brazil reported a strategic team involving Nasdaq and ETF has been built, with the participation of Marcelo Sampaio - Hashdex’s chief executive.

Open Markets for Crypto Funds

It is expected that the fund will be live and trade on the BSX by the end of the year – according to local media outlet Infomoney. It also pointed out that Hashdex preferred to apply with BSX because Bermuda’s regulations are crypto-oriented.

Exchange-traded funds give institutional investors an operated and protected vehicle access to commodity exposure without possessing the underlying assets. While the ETF hasn’t released any further details at this time regarding the partnership, Hashdex confirmed that Nasdaq would disclose the methodology and other core product details on the product’s launch date.

Speaking with leading Brazilian newspaper Oglobo, Hashdex’s Sampaio commented that the ETF would foster institutional investments in the cryptography field.

New Ideas from a Small Company

Founded in 2018, Latin-American-based Hashdex has controlled $46.4 million worth of assets spanning four funds at this point, which includes funds holding crypto assets.

KPMG is the company's auditor, while Silvergate Bank is its core financial institution and its crypto asset is backed by Xapo, Kingdom Trust, and Vo1t custodians.

Former executive and fund director Raoul Pal at Goldman Sachs forecast earlier this week that the release of Bitcoin ETF was inevitable in the US as well, pointing out:

“I’m going to give you the biggest front-running opportunity of your life: they will get an ETF across the line. There will be billions of dollars that pour into it. Every pension plan will allocate some money to it. Every family office will allocate some money to it. And the more the price goes up, the more they will allocate.”

Over the past few years, proposals for Bitcoin ETFs from Winklevoss' Twins, Wilshire Phoenix and Arca brokers have received rejections from the United States' Securities and Exchange Commission (SEC).

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About Ben Armstrong

ef4f73e9ddeb61becab57469962fa946?s=90&d=blank&r=g Brazil’s Hashex Partners With NASDAQ to Launch The First World’s Bitcoin ETFBen Armstrong is a YouTuber, podcaster, crypto enthusiast, & creator of BitBoyCrypto.com. Better known as BitBoy Crypto, he works hard to educate and inform the crypto community.

Ben has been involved with the world of cryptocurrency since 2012 when he first invested in Bitcoin. He used Charlie Shrem's BitInstant & lost Bitcoin in the Mt. Gox hack.

In 2018, Ben decided to go "full-time crypto" and focus all of his time and energy into expanding the reach of crypto.

If you have any questions or comments please feel free to email him at BitBoy@BitBoyCrypto.com or contact him on Twitter @BitBoy_Crypto.