The state-backed banking institution, Bank of Brazil, will be able to offer its customers the possibility of buying the crypto ETF of Hashdex.
According to the letter sent by Hashdex to its clients, the Bank of Brazil will be able to offer its customers the possibility of buying the crypto ETF of Hashdex, which will have the ticker “HASH11.” That said, the Bank of Brazil’s customers could have exposure by investing in the fund, which will replicate the Nasdaq Crypto Index (NCI). Crypto ETFs have been a hot topic of discussion in the crypto community for a long time.
The new date of the ETF debut is set to take place on April 26.
The letter clarifies that the new date of the ETF debut is set to take place on April 26, 2021, as the original date was April 22. With such maneuver, the Bank of Brazil becomes the first public bank in the world to offer such kind of exposure. Subscription orders can be made until April 20, according to Hashdex, and the only ones who can be able to do it are authorized agents “who can do this on their own behalf or behalf of customers.”
HASH11 to be traded on the Brazil Stock Exchange.
The inception of the crypto ETF into the Brazilian market supposes another hurdle passed in terms of crypto adoption. Strict regulatory rulings by the CVM (Securities and Exchange Commission) restrict small investors from exposure to the crypto market due to the “high risks” it possesses. Moreover, the Hashdex 100 fund offered in Brazil is also restricted to professional investors that hold over 10 million Brazilian real ($1.79 million) in financial markets investments. After the official launch on April 26, 2021, crypto ETF HASH11 will be traded through the Brazil Stock Exchange.