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Monochrome Eyes Approval for First Ethereum ETF in Australia by Month’s End
Monochrome Asset Management is set to build on the success it recorded in June when it launched the Monochrome Bitcoin ETF (IBTC). This follows after the firm recently shared that it is in talks with relevant authorities to have its official application to launch an Ethereum exchange-traded fund (ETF) approved. The details were shared in a recent press release, where Monochrome said it partnered with Vasco Trustees Limited to apply for the ETF.
Per the release, the proposed ETF, named the Monochrome Ethereum ETF, would trade under the ticker “IETH” on Cboe Australia. It is expected to receive a regulatory decision by the end of this month.
In June, Monochrome’s Bitcoin ETF became the first Australian ETF to offer direct exposure to Bitcoin. So now, the firm is looking to replicate the move with the Ethereum ETF. That is, by providing a similar opportunity for retail investors to invest in Ethereum through a regulated framework.
Unlike other unregulated ways of investing in crypto assets, the IETH fund will be a fully regulated product. According to Monochrome, the fund is designed to passively hold Ethereum and will also offer dual access. This means that it will allow both cash and in-kind transactions, thus making it accessible for different types of investors.
Overall, the fund aims to offer investors a safe way to invest in Ethereum (ETH), the world’s second-largest cryptocurrency by market capitalization. However, as much as Monochrome is focusing on safety or security, it is also keen on compliance.
Interestingly, the firm has put measures in place to ensure that the IETH fund will be widely available to Australian investors. Its official statement reads:
“Subject to quoting approval, Monochrome expects IETH to be quoted on Cboe Australia towards the end of September 2024 and will be available on major brokerage platforms.”
If that is the case, then the development is expected to open the doors for more traditional investors to come into the fold. Particularly, those who have been cautious about crypto investments due to the lack of regulatory oversight.
Notably, Monochrome’s proposed ETF is a timely intervention. It comes at a time when global interest in Ethereum has lifted up. Although there are many factors behind this surge in interest, the proposed ETF is, without doubt, seeking to take advantage of the moment to provide Australian investors with a regulated means to invest in the crypto asset.
For now, all eyes are on regulators as investors await their decision in the next few weeks.
Monochrome Eyes Approval for First Ethereum ETF in Australia by Month’s End
]]>In a landmark development, Commonwealth Bank of Australia (CBA) has introduced the Monochrome Bitcoin ETF (IBTC) on its trading platform. The bank has provided Bitcoin ETF investment opportunities to its vast customer base of 17 million. This move underscores CBA’s proactive stance in catering to the rising demand for cryptocurrency investments within a regulated framework.
The Monochrome Bitcoin ETF is managed by the Australian investment firm Monochrome Asset Management. The ETF was launched on Tuesday, June 4, 2024, at 10:00 am (AEST) on CBOE Australia. Moreover, this ETF allows investors to gain direct exposure to Bitcoin’s price movements while adhering to regulatory standards.
Hence, the recent CBA listing marks a significant step towards integrating digital currencies into mainstream investment options. Australia has positioned itself alongside global crypto ETF centers such as the Hong Kong.
The nation is embracing Bitcoin ETFs as part of its strategy to boost innovation and meet evolving investor preferences. Furthermore, Monochrome’s initiative of introducing a Spot Bitcoin ETF further solidifies Australia’s commitment to advancing digital asset investments.
Monochrome Asset Managemenet, in collaboration with CBOE Australia, initiated the regulatory process earlier in April. This demonstrates their dedication to pioneering digital asset offerings within the region. Additionally, the strategic move by Monochrome reflects their confidence in the growing acceptance of cryptocurrencies among both retail and institutional investors.
The decision by CBA to list the IBTC Bitcoin ETF on its platform comes amid a broader trend in the banking sector towards embracing cryptocurrency opportunities. Banks worldwide are increasingly recognizing the potential of digital assets to complement traditional financial services. Thus, they are expanding their product offerings to cater to evolving customer demands.
Also Read: Spot Bitcoin ETFs Saw $100M Inflow Reversal But Risks Still Looms
In a parallel development in Latin America, Itau Unibanco, the largest bank in Brazil and the entire Latam region, has also embraced Bitcoin (BTC). The bank boasts a customer base exceeding 60 million and nearly 100,000 employees. Whilst, Itau Unibanco has recently announced the availability of crypto trading services through its in-house investment platform, Ion.
The trading service was initially launched in December with limited availability. However, Itau Unibanco’s crypto trading service has garnered substantial interest among users, prompting its gradual expansion. Hence, it now offers Bitcoin and Ethereum (ETH) investments on the platform.
Guto Antunes, head of Itau Digital Assets, highlighted the positive reception of the bank’s cryptocurrency custody solution. He emphasized high levels of customer trust and acceptance, which catalyzed the latest move.
Also Read: Bitcoin Short-term Investment Hits New Highs with ETF Popularity
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Monochrome Asset Management, a prominent Australian investment firm specializing in regulated digital assets, has made waves in the financial world by unveiling plans to introduce Australia’s very first Bitcoin spot ETF. This groundbreaking move, slated for a release in 2024, is contingent upon obtaining the necessary approvals from both market operators and regulatory bodies.
With the launch of the Bitcoin spot ETF, Monochrome aims to cater to the growing demand for cryptocurrency-based investment products among Australian investors. By offering direct exposure to Bitcoin, the ETF seeks to provide investors with a secure and accessible means of participating in the digital asset market.
In a strategic move aimed at maximizing the reach and impact of their Bitcoin spot ETF, Monochrome has forged a partnership with Cboe Australia, a leading exchange platform with a stellar track record spanning over 51 years. By selecting Cboe Australia as the listing venue for the ETF, Monochrome aims to leverage the platform’s extensive market expertise and strategic positioning in the Asia Pacific region to enhance investor access and liquidity.
Cboe Australia’s esteemed reputation as a market operator, coupled with its comprehensive suite of trading solutions, makes it an ideal partner for Monochrome’s ambitious ETF venture. The platform’s robust infrastructure and commitment to innovation align closely with Monochrome’s values, making it a natural choice for the listing venue. Through this strategic partnership, Monochrome seeks to tap into Asia’s vibrant investment landscape and provide investors with unparalleled access to crypto-asset products.
Also Read: US Job Data Suggests Further Delay In Fed’s Rate Cut Plans, How’s Crypto Market Faring?
The introduction of Australia’s first Bitcoin spot ETF holds profound implications for both investors and the broader financial market. By offering direct exposure to Bitcoin, the ETF provides investors with a convenient and accessible means of gaining exposure to the digital asset market. This development is expected to attract a wide range of investors, including institutional players, retail investors, and cryptocurrency enthusiasts, thereby driving significant inflows of capital into the market.
Moreover, the launch of the Bitcoin spot ETF has the potential to catalyze further growth and innovation within the cryptocurrency ecosystem. As more investors gain exposure to Bitcoin through regulated investment products like ETFs, the market is likely to experience increased liquidity and price stability, ultimately fostering greater confidence and participation among investors.
Monochrome CEO, Jeff Yew, emphasizes the strategic significance of the partnership with Cboe Australia in driving the expansion of the investment horizon and solidifying Monochrome’s presence in the Asia Pacific market. Yew believes that the launch of the Bitcoin spot ETF represents a significant milestone in Monochrome’s journey towards democratizing access to digital assets and empowering investors to capitalize on the opportunities presented by the burgeoning crypto ecosystem.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Spot Bitcoin ETF applications have recently been on the rise throughout the industry.
Australian asset manager Monochrome has done some modifications to its application to offer a spot Bitcoin BTC exchange-traded fund (ETF). According to a July 14 announcement, Monochrome will offer the ETF – Monochrome Bitcoin ETF, on the Australian Securities Exchange (ASX) through its partner Vasco Trustees.
Revealing in a statement, CEO Jeff Yew hinted that Monochrome is in high spirits to bag the approval. According to him, obtaining a license will not only expose Australian retail investors to Bitcoin. He believes it will also help to strengthen the regulatory environment. To this end, he said:
“Through a Bitcoin ETF, it makes it possible for them to buy and use the asset class however they see fit with the investment choices [and] in a regulated manner, and also operating within the regular regulatory perimeter.”
Yew further explained that, by going live on ASX, a Bitcoin ETF signals to traditional investors that the era when the Wild West wasn’t regulated might be coming to an end. At least, now, their investments will be thoroughly protected by a well-structured regulatory environment, Yew opined.
It might also be worth noting that spot Bitcoin ETF applications have recently been on the rise. Although the trend is a general one that cuts across the entire crypto industry, applications appear to be particularly on the high in the United States.
As recently reported by Coinspeaker, major financial firms have been submitting their spot Bitcoin ETF applications. Perhaps the most widely covered one is that of the $10 trillion asset management firm BlackRock. However, the likes of Fidelity, Invesco, Wisdom Tree, and Valkyrie have also submitted their filings.
To Monochrome, Vasco is a “Responsible Entity Partner”, which has been duly authorized by Australian Financial Services to offer retail investors regulated exposure to the crypto market. And so, the asset manager believes that Vasco improves its chances to secure the license it so earnestly yearns for.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this.
He’s a reader, a researcher, an astute speaker, and also a budding entrepreneur.
Away from crypto however, Mayowa’s fancied distractions include soccer or discussing world politics.
Crypto-focused investment management firm Monochrome Asset Management Pty Ltd and its responsible entity partner Vasco Trustees Ltd filed an updated spot Bitcoin ETF application with the Australian Securities Exchange (ASX). Monochrome Bitcoin ETF (IBTC) is the first spot Bitcoin ETF under Australia’s new regulatory framework and will have direct exposure to Bitcoin.
In an official announcement on July 14, Monochrome Asset Management said its partner, Vasco Trustees filed an updated application for the Monochrome Bitcoin ETF (IBTC) with the Australian Securities Exchange (ASX).
Monochrome’s partner Vasco has an Australian Financial Services Licence to offer retain investors direct and regulated exposure to crypto-assets Bitcoin (BTC) and Ethereum (ETH). The Monochrome Bitcoin ETF and the Monochrome Ethereum ETF are the two managed ETF investment products.
“In an Australian first, IBTC is a way for retail investors to own bitcoin in a single regulated structure that gives them an absolute entitlement to their underlying bitcoin.”
Monochrome CEO Jeff Yew took to Twitter to reveal that Australia has joined the spot Bitcoin ETF race. He added, “Through a Bitcoin ETF, it makes it possible for them to buy and use the asset class in however they see fit with the investment choices and in a regulated manner, and also operating within the regular regulatory perimeter.”
According to the announcement, Monochrome and Vasco are supported by leading service providers including State Street Australia, Automic Pty Limited, Ernst & Young, CF Benchmarks, and Gemini Trust Company.
ASIC implemented an Australian market framework for crypto-asset exchange-traded products, enabling product clear pathways and regulatory requirements for market participants offering financial products with direct exposure to crypto-assets. It will enhance the confidence of Australian investors when considering investing in the emerging asset class.
Also Read: Europe To Get Its First Spot Bitcoin ETF This Month
After BlackRock filed a spot Bitcoin ETF application with the US SEC last month, others such as Fidelity Investments, Invesco, and WisdomTree followed with spot Bitcoin ETF applications. The move caused institutional investors to again pour their money into crypto asset funds, with a net inflow of $500 million in the last three weeks.
In fact, the US United States Securities and Exchange Commission (SEC) acknowledged Bitwise spot Bitcoin Exchange Traded Fund (ETF) application on Thursday.
Also Read: BinanceUS, Crypto.com Joins Coinbase and Others To Relist XRP, Price Up 87%
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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