Purpose Investments launched the world’s first ETF backed by physically located Ethereum.
A New Development For Ethereum
The world’s first Ethereum exchange traded fund was launched by Canadian asset management firm Purpose Investments, according to a press release dated April 20.
Its shares, which are directly physically tied to embedded Ether rather than derivatives, will begin trading on the Toronto Stock Exchange today.
Purpose CEO claims that the new product is intended to democratize access to the second largest cryptocurrency.
“We are democratizing access to Ethereum and making the process of owning Ethereum easier than ever. It’s a great day for investors. We believe that Ethereum, a leading digital asset with perhaps the greatest potential of all blockchain technologies, is ready to continue its growth trajectory and is ready to be adopted as both an important infrastructure technology and a broader investment asset. “
Three Ethereum ETF implementations were simultaneously approved by the Canadian financial regulator last week.
This February, Canada made history as the first country to endorse a Bitcoin ETF.
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