India may soon get its first ETF for Bitcoin, Ethereum
By MYBRANDBOOK
Torus Kling Blockchain IFSC, a joint venture between Cosmea Financial Holdings and Kling Trading India, has signed a memorandum of understanding (MoU) with India International Exchange (India INX) to launch the country’s first cryptocurrency ETF.
The ETF Futures will be launched under a Sandbox construct of International Financial Services Centres Authority (IFSCA). Further, the product will be distributed through Torus global distribution team and partners and the firm is targeting assets under management (AUM) totalling $1 billion in the first two years.
As per the MoU, India INX will be the trading platform and Cosmea Financial Holdings will do the distribution, while Kling Trading will be the technology partner.
V Balasubramaniam, Managing Director & CEO, India INX said, “This is a part of our product innovation initiative to benchmark offerings with other international finance centres. We will be launching products in these new age assets in compliance with the prevailing laws after receiving all required post regulatory approvals.”
In a similar context, Krishna Mohan Meenavalli, CEO, Torus Kling Blockchain IFSC said that exchange-traded products will allow trading through regular investment accounts while safeguarding investors and investments from the security concerns of crypto currency exchanges.
For the uninformed, India INX is India’s first international stock exchange and subsidiary of Bombay Stock Exchange. A crypto ETF is an investment vehicle that allows investors to diversify their investments without actually owning the asset.
An ETF keeps track of the price variations of an underlying asset like Bitcoin or Ethereum, giving people an alternative to extract profits from the price trend without really owning even one unit of the crypto asset.
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