While US regulators still have not yet approved a single Bitcoin (the largest and most popular cryptocurrency) Exchange Traded Fund, the Canadian regulators have now begun to move past Bitcoin and are approving ETFs that focus on other cryptocurrencies such as Ethereum.
On April 20th, not one but three new cryptocurrencies’ ETFs began trading in Canada. The CI Galaxy Ethereum ETF (ETHX.U), the Purpose Ether ETF (ETHH.U), and the Ether ETF (ETHR.U) are all now available for purchase by anyone in Canada and any investor who has access to international investments.
Canada already has three Bitcoin ETFs, the CI Galaxy Bitcoin ETF (BTCX.U), the Purpose Bitcoin ETF (BTCC.U), and Evolve’s Bitcoin ETF (EBIT.U). When those ETFs were approved in Canada, it was big news, the same as now with the Ethereum ETFs trading hands.
Bitcoin is and was the first cryptocurrency that got this whole new world of money and technology started. So, it makes sense when it was the first crypto ETF. However, many industry experts believe Ethereum actually has more real-world applications and will improve people's lives to a great extent than Bitcoin will ever be able to achieve. The reason being is because Bitcoin was created to be a form of money using blockchain technology. However, Ethereum was created to help people decentralize certain tasks and allow users to perform tasks on a decentralized platform with more speed, accuracy, and less oversight but more security. Continue reading "Ethereum ETFs Go Live In Canada" →