The approval comes just over two months after Canada approved its first bitcoin ETF.
Purpose Investments and CI Global Asset Management both received approval to launch an exchange-traded fund (ETF) in Canada that offers exposure to ether.
Purpose is the manager of Purpose Ether ETF and Ether Capital Corporation will consult. The ETH will be kept in cold storage with Gemini acting as the sub-custodian and CIBC Mellon Global Securities acting as the fund administrator.
CI Global Asset management will launch CI Galaxy Ethereum ETF on April 20 on the Toronto Stock Exchange (TSX), subject to TSX approval. It will charge a 0.4% management. CI GAM is the manager of the ETF and Galaxy Digital Asset Management (“GDAM”) serves as the sub-advisor.
The approval comes a little over two months after Canada approved the Purpose Bitcoin ETF which held 10,064 BTC in the first week of trading. Meanwhile, in the U.S., bitcoin ETF approvals have been piling up in the hope that new Securities and Exchange Commission (SEC) Chief Gary Gensler could change the regulatory agency’s attitude to the novel investment product.
“While bitcoin tends to get a lot of attention as it was the first major cryptocurrency, what ether and the Ethereum ecosystem represent is one of the most exciting new technology visions today in society,” Som Seif, founder and CEO of Purpose Investments, said in a statement. “By launching the first ETF in the world that directly owns and provides exposure to ether, we are enabling every investor to have access to this unique opportunity and ecosystem.”
Purpose ETF is designed to provide investors with exposure to ether by investing directly in physically settled ether. The ETF will offer three classes of units: Canadian dollar currency hedged units (ETHH), Canadian dollar non-currency hedged units (ETHH.B) and U.S. dollar units with ticker units (ETHH.U).
TradeBlock, a CoinDesk subsidiary, is the index provider for Purpose.
Ethereum Market Cap Surpasses JPMorgan As It Hits A New ATH
Ethereum, the world’s second-most valuable digital currency, spiked nearly 10 percent in the last 24 hours and reached an all-time high of approximately $4,370.
According to the latest data published by Coinmarketcap, Ethereum now has a market cap of more than $500 billion. ETH becomes only the second cryptocurrency in the world to reach a market value of $495 billion.
Ethereum is now more valuable than the world’s leading investment bank JPMorgan. The total market cap of JPMorgan Chase currently stands at around $480 billion. ETH has been on the rise since the start of 2021. The cryptocurrency crossed the market cap of the Bank of America and PayPal earlier this year.
ETH whale activity has increased during the last few weeks amid a surge in its price. Yesterday, Finance Magnates reported about the movement of 46,793 Ethereum from a digital wallet to cryptocurrency exchange Binance.
“Ethereum top stakeholders have been historically active over the past week, with one 4-hour window on 5 May seeing over 6,300 $100k+ ETH transactions. This explosion in activity beginning on 3 May had much to do with the inevitable rise to $4,200,” on-chain analytics firm Santiment mentioned on Twitter.
The latest price surge in ETH has made Vitalik Buterin, Co-Founder of Ethereum, one of the youngest crypto billionaires after his public Ethereum address crossed 333,520 ETH, which is approximately $1.4 billion in value.
ETH Surged Above $4K With Over $477B Market cap.
The Ethereum price surged and crossed the $4,000 milestone. ETH is trading at $4,132 (as at the time of publishing), bringing its total market cap to more than $477 billion.
Ether, the second biggest cryptocurrency, has grown over 2,000 percent in the last year.
On May 10, 2020, one Ether token was worth $180. a year later, the crypto coin hits over $4,000 for the first time, a rise of over 2,100 percent. Though Dogecoin is sucking up most of the world’s cryptocurrency attention, it’s been a huge May for Ethereum already, as this new milestone comes just a week since the cryptocurrency coin hit $3,000 for the first time.
Ether is a cryptocurrency minted on the Ethereum blockchain. Bitcoin, the most known currency, is built on its own, separate blockchain. But while Bitcoin is more like gold, principally used as a speculative asset, Ether is used by cryptocurrency traders to buy and sell “altcoins”, such as Dogecoin. NFTs, tokens that authenticate ownership of a digital product, are notably bought and sold using Ether, not Bitcoin.
The Ethereum blockchain was founded in 2013 by Canadian-Russian programmer Vitalik Buterin when he was just 19 years old. Buterin has over 333,000 Ether tokens — it’s possible to see other traders’ portfolios if you have their wallet address — which at the current price values his holdings at over $1.36 billion.
The cryptocurrency has been growing rapidly over the past year, mostly over anticipation for its relaunch as Ether 2.0, but this latest rally is tied to the news last week that the European Investment Bank issued $120 million in bonds using Ethereum blockchain.
Ethereum Expected to Break $5,000 and Hit Fresh All-time Highs: deVere CEO
The Ethereum price is likely to hit $5,000 over the next seven days as the cryptocurrency reaches new all-time highs, predicts the CEO of one of the world’s largest financial advisory and fintech organisations.
The bullish prediction from Nigel Green, chief executive and founder of deVere Group, comes as Ether, the token transacted on the Ethereum blockchain, and the world’s second largest cryptocurrency after Bitcoin smashed past $3,000 on Monday for the first time.
Mr Green says: “Ether is up more than 300% for the year so far, which is far greater than the 95% jump in the headline-grabbing Bitcoin.
“Ether is one of the main beneficiaries in the wider explosion in the cryptocurrency market. The boom over recent months has been fuelled by soaring interest from major institutional investors and growing recognition that borderless digital currencies are the future of money.
“This momentum is likely to build further in the near-term and I believe Ether will hit $5,000 within seven days.”
Besides benefitting from the broadening acceptance of cryptocurrencies, the deVere CEO says that Ether is currently “brilliantly positioned” to dramatically increase its market share.
He explains: “We’re about to see the global shift towards DeFi, or decentralised finance, move up several gears. DeFi relates to transactions outside traditional systems and for which the Ethereum blockchain is an integral part.
“In addition, there’s a growing trend for NFTs (non-fungible tokens), especially digital art, which are typically bought and sold in Ether.”
Last month, Christie’s, the auction house, sold “Everydays – The First 5000 Days,” a digital artwork in JPEG form by an artist known as Beeple, for $69.3 million – which is the third most expensive artwork ever sold by a living artist.
Mr Green says: “Ether can be expected to significantly dent Bitcoin’s market dominance over the next year and beyond.
“Compared to its bigger rival, Ethereum is more scalable, offers more uses and solutions, such as smart contracts which are already used across many sectors, and is backed with superior blockchain technology.”
He concludes: “Ethereum is already years ahead of Bitcoin in everything but price and fame. There’s a real sense that 2021 is the year for Ether. Its time has come.”
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