Crypto ETFs queued for lift-off in Australia
Graham Tuckwell: ETF Securities executive chair
Australia is set to host its first direct-access crypto exchange-traded funds (ETF) this week with at least two new products due to launch on April 27.
In a joint venture between specialist Australian provider ETF Securities and the Switzerland-based 21Shares, the two funds tracking bitcoin and ethereum, respectively, will list on the Cboe exchange (formerly known as Chi-X).
Graham Tuckwell, ETF Securities executive chair, said in a release that the two funds would offer a first-of-a-kind way for investors to gain exposure to the two leading crypto assets without taking on individual set-up and management risks.
Investing in crypto-assets via regulated funds could combat risks such as low exchange quality, weak custody arrangements, vulnerability to hacking and the loss of private keys and passwords, the release says.
The new ETFs will strike a unit price every day based on data provided by CryptoCompare at 3pm Central European Time, the statement says, with underlying assets held in cold storage by US-based exchange, Coinbase.
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