This Wednesday they launched the first ETF that allows combining two cryptocurrencies in the world. The launch took place in Canada.
The North American country is a pioneer in the region with the permeability of cryptocurrency transactions. On this occasion, Evolve ETFs, allows exposure to Bitcoin and Ethereum, called ETC in TSX, this being the first multi-currency ETF.
The world capitalization of both cryptocurrencies represent around 65% of the market. Bitcoin makes up about 67% while Ethereum makes up 33%.
The quote will be based on the dollar prices of BTC and ETH.
ETC is eligible for TFSA and RRSP and is fee-free, but the underlying funds charge 0.75% per annum plus applicable taxes. Evolve does not plan for ETC to pay for regular distributions.
Evolve is the second entity in Canada to obtain ETFs, while the first ETF was launched by Purpose Investments in February.