Torus Kling Blockchain IFSC has partnered with India INX by signing a memo of understanding to roll out the first futures contract products for Bitcoin and Ethereum.
India to launch its own BTC and ETH ETF
The two companies have teamed up to offer Indian investors the first futures contracts based on the two largest cryptocurrencies—Bitcoin and Ethereum—according to The Economic Times.
Aside from digital asset-based futures, the two companies plan to offer Metaverse U.S.-listed large-capitalization discount certificates. This ETF for BTC and Ether will be the first futures contract exchange-traded fund to be rolled out beyond the USA.
Torus will be providing liquidity and smart order routing for India INX. The Torus team of global distributors and partners will deal with the distribution of the crypto ETF.
Torus has a goal of reaching $1 billion assets to manage within the first couple of years, provided by clients that will invest in the ETFs and discount certificates.
According to the chief executive of India INX, V. Balasubramaniam, his company has already filed an application to the International Financial Services Centres Authority (IFSCA) under the Regulatory Sandbox.
He also assured that ETFs based on nascent crypto assets will be created and rolled out in full compliance with Indian legislation once regulators grant their approval.
The first U.S. Bitcoin ETF becomes a loser
As reported by U.Today in December, the Indian parliament has not yet implemented a ban on cryptocurrencies and has postponed discussing the prohibition bill.
The first Bitcoin futures ETF BITO provided by ProShares was launched in October last year on the NYSE. Once launched, it became the second most-traded for Fidelity clients on the first day of trading.
However, recently it was reported that BITO had entered the top 10 list of the worst performers regarding returns after the first two months of its market debut.