BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
SUBSCRIBE
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result
Home Business

Galaxy Teams Up With TradeFi Giant To Bring Bitcoin ETF To Brazil

BlockNews Team by BlockNews Team
November 11, 2022
in Business, Crypto, Media
Reading Time: 4 mins read
A A
Galaxy-TradeFi-Logos
1
SHARES
11
VIEWS
Share on TwitterShare on Reddit

Galaxy Digital has teamed up with Brazilian Itaú Asset Management to develop Bitcoin Exchange Traded Funds (ETFs) in Brazil, in the latest example of the crypto and TradeFi intersection. Citing the Global chief of assets management at Galaxy Digital, Steve Kurz, on a Twitter post:

You might also like

Shiba Inu Price Tanks 7% In 24 hours Amid Allegations That Shibarium Code Was Copied From Another Blockchain

Around The Block – MAR 17 Week in News

Cassava Network, An African Web3 Platform, Has Partnered With Non-Custodial Wallet To Widen Crypto Reach In Africa

“Excited to partner with Itaú Asset Management to bring institutional-grade crypto ETFs to the Brazilian market!” 

Itaú Asset management is a long-standing company established in 1957 in Brazil and manages almost a billion dollars worth of assets. The hedge fund company’s core business, dubbed Itaú Unibanco, has 18 locations worldwide with a record of at least 65 million users since inception. 

The collaboration between the crypto unit and its new asset management partner comes as the two players look to develop a comprehensive spectrum of genuinely backed crypto ETFs in the South American country. 

“The partnership between Galaxy Digital and Itaú Asset Management is meant to develop a comprehensive spectrum of genuinely backed Bitcoin ETFs in Brazil.”

The IT Now Bloomberg Galaxy Bitcoin ETF (BITI11) leads the vision, slated to commence trading on the B3 Stock Exchange directly come Thursday, November 17. 

Galaxy’s move to collaborate with Itaú Asset management is the company’s latest expansion move, slightly more than a year after partnering with fund powerhouse Invesco in September 2021. This set a precedent for releasing the Invesco Alerian Galaxy Cryptocurrency.

Economy ETF (SATO) and the Invesco Alerian Galaxy Blockchain Customers and Decentralized Commerce ETF in the U.S. in October 2021. 

Galaxy partnered with Canada-based CI Global Asset Management on a joint venture to provide blockchain and Meta ETFs on Toronto’s Stock Exchange. 

Galaxy Digital Plans Europe and Asia Expansions

In a statement about the collaboration, Kurz explained that the partnership could bring ether-focused ETFs to Brazil with more diverse strategies. “Galaxy is also keeping an eye on potential In European and Asian countries,” Kurz added.

According to Kurz, the crypto industry exhibits institution-based expansion, such that there is an integral factor for blue-chip companies like Galaxy Digital to work in collaboration with reputable institutions that have an expansive customer registry but lack the in-house expertise requisite for producing and delivering top-tier cryptocurrency products. 

The portfolio manager and head of beta strategies and responsible investment at Itaú Asset Management, Renato Eid, explained that the Galaxy Digital-Itaú Asset management coalition would benefit from the asset manager’s stability and legitimacy built across more than six decades. Eid also appreciated the value Galaxy Digital would bring to the alliance, citing industry tuff and expertise given its position as one of the most prolific participants in the global digital asset space. 

U.S. Remains Skeptical About BTC ETFs

Although most spot Bitcoin ETFs run on Canadian stock exchanges, the U.S. remains skeptical about authorizing BTC ETFs amid scores of rejected applications. 

According to a September announcement by Brazilian digital bank Nubank, its crypto platform has up to 1.8 million subscribers at publication time. Similarly, in June 2021, QR Asset Management launched Latin America’s pioneer BTC ETF in the Brazilian market, setting the pace for others like Hashdex to create crypto-based products in the country. 

Noteworthy, it is now barely a week after Galaxy Digital declared a net loss of around $68 million in Q3 on Wednesday, November 2. This dropped from losses of $112 million and $555 million for Q1 and Q2, respectively, according to note that crypto prices are bleeding from the aftermath of FTX’s crisis, with BTC losing almost 24% during the week to trade at current $17,415, according to CoinGecko.  

By October 31, Galaxy Digital’s asset management arm managed almost $2 billion worth of assets by leveraging overactive, passive, and venture strategies. The company’s Toronto-listed stock price has plummeted by 36% during the first week of November and 83% year-to-date. 

Tags: brazilBusinessGalaxyTradeFi
TweetShareShare

Recommended For You

Shiba Inu Price Tanks 7% In 24 hours Amid Allegations That Shibarium Code Was Copied From Another Blockchain

by BlockNews Team
March 20, 2023
0
shiba inu crypto

Shiba Inu saw its price drop fall by 7% amid allegations that the code used in the Shibarium blockchain was stolen. Members of the Shiba Inu Discord community...

Read more

Around The Block – MAR 17 Week in News

by BlockNews Team
March 17, 2023
0
Around the Block

Introduction In this recap of the crypto world, we will explore the events and news that had the most significant impact in the past week of March 13....

Read more

Cassava Network, An African Web3 Platform, Has Partnered With Non-Custodial Wallet To Widen Crypto Reach In Africa

by BlockNews Team
March 17, 2023
0
Africa web3

Cassava Network's v3 aims to build a bridge between Web2 African users and the Web3 space. Cassava Network partners with UniPass, a non-custodial wallet to onboard more African...

Read more

UAE Announces Free Zone for Digital and Virtual Asset Firms

by BlockNews Team
March 17, 2023
0
RAK DAO UAE

Emirate Ras Al Khaimah will launch a free zone for companies in the digital and virtual crypto sectors The RAK Digital Assets Oasis platform is made for the...

Read more

California Governor Failed to Disclose Personal Ties to Silicon Valley Bank $SIVB While Lobbying for a Bailout

by BlockNews Team
March 17, 2023
0
california governor

Governor Gavin Newsom of California hid his personal connections to Silicon Valley Bank from the general public as he advocated for the bank’s rescue with the White House...

Read more
Next Post
Bitcoin

Bitcoin Price Dumps to Two-Year Lows - Could it Get Worse After US CPI inflation data?

Related News

Galaxy-TradeFi-Logos

Galaxy Teams Up With TradeFi Giant To Bring Bitcoin ETF To Brazil

November 11, 2022
Walmart

A Walmart Executive Discusses Crypto’s Role in the Company’s Future

October 20, 2022
Posthumous

Here’s Why Posthumous NFT Launches Are More Than Just a Passing Fad

September 21, 2022

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Shiba Inu Price Tanks 7% In 24 hours Amid Allegations That Shibarium Code Was Copied From Another Blockchain March 20, 2023
  • Around The Block – MAR 17 Week in News March 17, 2023
  • Cassava Network, An African Web3 Platform, Has Partnered With Non-Custodial Wallet To Widen Crypto Reach In Africa March 17, 2023

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?