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Brazil’s Hashdex to Launch DeFi exchange traded fund

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Joyashree Dey Follow

INDIA

Jan, 21 2022

Jan, 21 2022

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Brazil’s Hashdex, Crypto asset manager, reported on January 18 that it has gotten approval to launch the "world's first" exchange-traded fund (ETF) following 12 decentralized finance (DeFi) tokens.

The company said that the product will be recorded on the Brazilian stock trade B3 as of February, adding that hold requests to buy shares will be accessible starting Tuesday.

Created in a joint effort with cryptocurrency list supplier CF Benchmarks, Hashdex's new CF DeFi Index ETF-which will exchange under the ticker DEFI11-will follow the cost of the CF Benchmark's DeFi Modified Composite Index. That list will itself track a bushel of 12 tokens connected to the DeFi market, with Ethereum, Uniswap, AMP, and Curve making up the greater part of the basket’s absolute worth.

The leftover tokens in the index are AAVE, Maker, Polygon, Chainlink, The Graph, Compound, Synthetix, and Yearn Finance.

DeFi is a trick all term used to portray a gathering of protocols, applications, and different tools, for the most part, accessible on the Ethereum blockchain, that can be utilized to get, loan, and exchange crypto resources without outsider go-betweens. On Ethereum alone, more than $96 billion is as of now moving through DeFi applications, and the market cap for DeFi coins is present at $137 billion, per information from CoinGecko.

As per Hashdex, generally, 70% of its index is comprised of DeFi protocols, 15% is in smart contract network tokens, and the leftover assignment is conveyed among "support" protocols and versatility solutions.

"Investing in DeFi is the same as investing in the fintech companies of the future. It is a very promising market that, because of its disruptive technologies, can grow exponentially in the coming years," Hashdex CEO Marcelo Sampaio said in a statement.

Brazilian banks Banco Genial, Itaú BBA and XP will march the offering of the ETF, Hashdex said.

As per the Brazilian stock exchange, In April 2021, Hashdex launched Brazil and Latin America's first crypto ETF, HASH11, which has more than 130,000 investors and ranks as the second most acquired future on B3.


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Joyashree Dey

CBW - External Analyst

INDIA

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