Canada Gets Its First BTC and ETH Multi-Crypto ETF

BTC/USD $ 26712.9

ETH/USD $ 1796.60

SHIB/USD $ 0.00000866

WINR/USD $ 0.00003100

DEFT/USD $ 0.00002080

FWC/USD $ 0.00000000008000

SHIB/USD $ 0.00000866

WINR/USD $ 0.00003100

DEFT/USD $ 0.00002080

FWC/USD $ 0.00000000008000

FDC/USD $ 0.00000021

YETI/USD $ 0.003856

SMR/USD $ 0.06492

Canada Gets Its First BTC and ETH Multi-Crypto ETF

Andrew Throuvalas 30 Sep, 2021 cryptopotato Views: 308

The United States falls further behind its northern neighbors on crypto acceptance. Canada just approved its first combined Bitcoin + Ethereum trading fund.

EvolveETF – a Canadian ETF provider – has just launched Canada’s first multi-cryptocurrency exchange-traded fund. The product is backed by the two largest cryptocurrencies by market cap: Bitcoin and Ethereum.

Crypto Diversification in an ETF

As announced this week from EvolveETF’s site, the new fund has already begun trading on the Toronto Stock Exchange (TSX) under ticker symbols “ETC” (CAD Unhedged Units) and “ETC.U” (USD Unhedged Units).

ETC will not be backed by Bitcoin or Ethereum directly. Rather, it will hold shares of EvolveETF’s existing single-crypto funds. These include their Bitcoin and Ethereum ETFs “EBIT” and “ETHR,” respectively.

Their balance of each token will be “based on [Bitcoin and Ethereum’s] market capitalization weightings” and will be rebalanced monthly. Right now, their weightings should be roughly one-third Ethereum and two-thirds Bitcoin.

Raj Lala, president, and CEO of EvolveETFs, outlined why he sees these two particular crypto assets as valuable.

“Bitcoin has established itself as a store of value and is often referred to as digital gold. Ether is often referred to as digital oil and has become an essential building block for digital finance including NFTs and other DeFi applications.”

The new ETF will help provide diversification for investors having trouble choosing between Bitcoin and Ethereum. It also provides ease of access for people who seek crypto exposure using traditional investment methods. Additionally, Royal Bank of Canada users can include ETC in their tax-free savings account, allowing them to profit from BTC and ETH without paying capital gains.

Canada Soaring Passed US on Crypto Acceptance

While Canada achieves yet another milestone in approving its first multi-crypto ETF, the United States is yet to greenlight any digital asset ETF at all. Companies like Fidelity have been pleading with the SEC for permission to launch such a product. However, Chairman Gary Gensler has been slow to give any approvals, citing investor protection concerns.

Brian Armstrong – CEO of Coinbase – has frequently criticized the SEC for their lack of regulatory clarity and unwillingness to cooperate on other crypto projects. Meanwhile, Canadian authorities have provided digital asset trading platforms with remarkably clear regulatory instructions.