New Development for Spot Ethereum ETFs! A World First!
Australian digital asset management firm Monochrome has launched the world's first pay-in-kind spot Ethereum ETF.
The US SEC has marked a turning point for cryptocurrencies by approving spot Ethereum ETFs after approving spot Bitcoin ETFs in January.
New developments continue to occur in Ethereum ETFs. The latest news on this point came from Australia.
Despite weak demand for the spot Ethereum ETF in the first three months after its US launch, Australian digital asset management firm Monochrome Asset Management is preparing to launch a spot ETH ETF.
However, Monochrome is coming with a change that could revive demand for Ethereum ETFs.
Unlike US-listed Ethereum ETFs, the Monochrome Ethereum ETF is positioned as the world's first Ethereum ETF to offer in-kind ETH subscriptions and redemptions.
Monochrome CEO Jeff Yew said this feature could provide greater tax efficiency for investors.
The Monochrome Ethereum ETF (IETH) will be available via most Australian platforms and will support transfers from crypto platforms, decentralized wallets and cold storage wallets.
Monochrome will partner with BitGo and Gemini to provide crypto custody for IETH, while State Street will be the fund manager for the Australia ETF.
*This is not investment advice.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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