🔥【SOL's ETF is coming? Approved by the Brazilian Securities and Exchange Commission! 】
The Brazilian Securities and Exchange Commission (CVM) has approved an exchange-traded fund (ETF) based on Solana, the agency disclosed on its central database on Wednesday.
This is the first product of its kind in Brazil and one of the first Solana-based exchange-traded products (ETPs) in the world. The first product was launched on the Swiss Stock Exchange in June 2021 by Swiss investment product provider 21Shares.
According to the CVM's database, the Solana-based ETF is in the pre-operational stage and therefore has not yet been approved by the Brazilian Stock Exchange B3. Local news agency Exame added that the product will follow the CME CF Solana USD Reference Rate, which was created by CF Benchmarks with the support of the Chicago Mercantile Exchange (CME).
According to reports, Brazilian asset management company QR Asset will issue the ETF, while local fintech company Vortx, which focuses on capital markets, will serve as its manager.
In July this year, Cboe formally requested the SEC to allow asset management companies VanEck and 21Shares to launch Solana-based ETFs to the market, but the request has not been approved so far.
South American countries highly respect cryptocurrencies, which also means that SOL's ETF approval by the US SEC will not be too far away. I look forward to the outbreak of the SOL ecosystem again! At present, SOL's daily TX transaction volume has exceeded Ethereum many times, and the ecological potential is huge. Keep looking forward to it.
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