-- #Australia will launch a spot ether ETF following the launch of a spot #BitcoinETF💰💰💰 in August.
-- The ETF allows in-kind and cash redemptions.

Monochrome will launch Australia's first ether ($ETH
) based #exchange traded fund (ETF) on Tuesday.

The Monochrome Ethereum ETF (IETH) will debut at 10:00 a.m. local time. The ether fund, created by Australian crypto firm Monochrome, comes after the launch of its spot #Bitcoin❗ ETF in August. As of Oct. 10, the Bitcoin -ETF fund held 165 Bitcoin ($BTC
) worth just over $10 million.

Similar to spot Crypto ETFs in Hong Kong , IETH will allow investors to apply for and redeem assets in both cash and in-kind, meaning investors will be able to invest in and withdraw from the fund using ether.

As of Oct. 10, the Hong Kong spot Bitcoin and ether ETFs had net assets of $262.97 million and $35.07 million, respectively. In contrast, U.S. ETFs had Bitcoin worth $58.66 billion and ethers worth $6.74 billion, according to SoSoValue .

Several countries have approved spot Crypto ETF listings since the funds launched in the U.S. in January, though all have been significantly smaller in scale than their U.S. counterparts. South Korea's news1 also reported last week that the country's Financial Services Commission will consider authorizing Crypto ETFs.
#MemeCoinTrending

In a groundbreaking move, Adelaide Oval, the iconic South Australian sporting venue, has introduced cryptocurrency as a payment option for food and beverage purchases. This initiative, a first for a major national stadium in Australia, comes as a result of a collaboration between Crypto.com, the Adelaide Crows Football Club, and fintech software firm DataMesh. The innovative payment solution is timed to launch during the AFL's 2024 Gather Round event, setting the stage for a significant leap in sports event management and fan experience.
A Pilot Program with Future Promises
The crypto payment service debuts at the AFL’s Gather Round event starting on April 4, serving as a pilot program that will extend through the 2024 Toyota AFL Premiership Season. This integration of state-of-the-art payment technology and terminals at Adelaide Oval showcases a significant stride toward modernizing fan experiences at major sporting events.
Incentives to Encourage Adoption
To encourage the uptake of crypto payments, Crypto.com will offer a cashback incentive. The first 1,000 crypto transactions processed during the Gather Round event will each receive an AUD$10 cashback. This initiative, along with additional promotional activities planned for the rest of the season, especially during Adelaide Crows home games, aims to bolster the use of cryptocurrencies among AFL fans.
Karl Mohan, General Manager of Crypto.com’s APAC division, praised the seamless and scalable nature of the implemented payment solution, expressing optimism for similar future integrations.
Expanding Crypto's Footprint in Australia
The adoption of crypto payments at Adelaide Oval marks another milestone in Crypto.com's efforts to embed real-world cryptocurrency transactions across Australia. Following the successful launch of the nation's first in-store crypto payment system in partnership with Datamesh and OTR in 2023, this latest initiative reinforces the growing acceptance and use of digital currencies in everyday transactions.
Despite some skepticism from the Reserve Bank of Australia regarding the exact number of Australians owning crypto, there's an undeniable surge in interest towards cryptocurrencies, including assets like Dogecoin. A survey following the US SEC’s approval of spot Bitcoin ETFs revealed a 25% increase in positive sentiment towards Bitcoin among Australians, indicating a broader acceptance and curiosity towards digital assets.
This pioneering move by Adelaide Oval, supported by strategic partnerships, not only enhances the event-going experience for sports fans but also signifies a substantial shift towards the integration of digital currencies into mainstream commercial activities.
#crypto #Australia

Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“

#CryptoAussie #BTCETF #ASX #Australia
Sydney, Australia (June 17, 2024): In a landmark decision, the Australian Securities Exchange (ASX) has thrown open its doors to the world of cryptocurrency, approving the very first spot Bitcoin exchange-traded fund (ETF) for listing. This paves the way for VanEck Australia's groundbreaking product, set to debut on June 20th, 2024.
The ASX, a dominant force controlling 90% of Australia's equity market, has long been anticipated to embrace the burgeoning world of crypto. This approval marks a significant step forward, potentially lending significant legitimacy to crypto and associated ETFs within the region.
VanEck Takes the Lead
VanEck, the issuer behind this pioneering ETF, isn't a newcomer to the crypto scene. They boast established spot Bitcoin ETFs in the US and Europe, and plan to leverage this experience to provide Australian investors with a top-tier cryptocurrency solution. Interestingly, VanEck resubmitted their application for the product back in February, highlighting their determination to be the first mover in this exciting new market.
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A Turning Point for Australian Crypto?
This news comes hot on the heels of Monochrome Asset Management's Bitcoin ETF gaining approval on the smaller Cboe Australia exchange. However, industry experts point towards the ASX's sheer size and trading volume as a far more significant platform for crypto exposure. With VanEck's ETF securing the ASX's green light, it could signal a turning point for wider acceptance of cryptocurrencies and their associated investment vehicles in Australia.
Global Crypto Hub Aspirations
This decision by the ASX aligns perfectly with Australia's ambitions of becoming a major player in the global crypto scene. Following the US's approval of spot Bitcoin ETFs in January, anticipation grew for similar moves within the Asia-Pacific region. The ASX's embrace of this innovative financial instrument positions Australia as a serious contender in the race to become a global crypto hub.
A New Era for Aussie Investors
The launch of VanEck's Bitcoin ETF on the ASX opens exciting possibilities for Australian investors. With a regulated and accessible product now available, they can now participate in the growth potential of Bitcoin alongside traditional investment options. This move by the ASX could potentially usher in a new era for Australian investors seeking exposure to the ever-evolving world of cryptocurrency.
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