Crypto News | Another positive point to Ethereum! Ethereum ETFs receive approve in Canada
Canada’s Ontario Securities Commission approved Ethereum Exchange Traded Fund (ETF) for CI Global Asset management (ETHX), Purpose Investment (ETHH), and Evolve ETFs (ETHR) on Monday.
This move comes after Purpose Investment’s Bitcoin ETF, launched in February, crossed $1 billion Assets Under Management (AUM). Hence, the addition of three new ETFs has put Canada at the forefront of the cryptocurrency race.
Canada's decision comes when Ethereum is gaining mainstream adoption as PayPal-owned Venmo recently announced that it would allow its users to purchase BTC, ETH, and other cryptocurrencies.
Although the DeFi Summer and the ongoing bull run helped put ETH in the minds of institutional investors, the ETFs will attract institutions and high net worth individuals toward the programmable money, Ether.
While Canada leapfrogs ahead of the US, Chinese tech giant, Meitu seems to be taking the high road as it invested millions in purchasing ETH and BTC. While MicroStrategy, Tesla, and others hopped on the Bitcoin bandwagon, Meitu is the first Chinese listed company in the world to purchase large quantities of ETH.
