Toronto-based asset management company Purpose Investments has obtained approval from Canadian securities regulators to launch the world's first Ethereum exchange-traded product, according to its Apr. 16 press release.
This comes two months after the Ontario Securities Commission (OSC) greenlit the firm's trailblazing Bitcoin ETF in February.
Purpose Investments CEO Som Seif states that Ethereum is "one of the most exciting" technologies as of today:
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.
Earlier this month, Purpose Investments' Bitcoin ETF surpassed $1 billion in assets after its massive debut in February.
The U.S. Securities and Exchange Commission is yet approve such a product as new filings from the likes of Van Eck and Fidelity keep piling up.