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Samsung to Launch Bitcoin ETF in Hong Kong a Major Step for Crypto

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Joyashree Dey Follow

INDIA

Jan, 14 2023

Jan, 14 2023

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Major players in the technology business are becoming interested as the blockchain and cryptocurrency industries are growing rapidly. One such company is the South Korean electronics giant Samsung, which recently announced the creation of a Bitcoin (BTC) exchange-traded fund (ETF) in Hong Kong.


According to a report by the Korean media outlet Fortune Korea published on January 12, Samsung specifically stated that the listing of the "Samsung Bitcoin Futures Active ETF" on the Hong Kong stock market would occur on January 13.


The listing, which follows the establishment of two other ETFs by the electronics giant - "Samsung Blockchain Technology ETF" and "Samsung Asia Pacific Metabus ETF," which were launched earlier last year - will be carried out by the business's investment division, Samsung Asset Management.


By investing in Bitcoin futures products listed on the Chicago Mercantile Exchange (CME), particularly the CME Bitcoin Futures and CME Micro-Bitcoin Futures, the newly-listed ETF will monitor the spot price of Bitcoin.


The head of Samsung Asset Management Hong Kong, Park Seong-jin, commented on the development and stated that: “The Samsung Bitcoin ETF is a competitive product that reflects the know-how and risk management experience of Samsung’s long-term operation of the futures-based ETFs, which will represent a new option for investors interested in Bitcoin.”


In the meantime, Samsung's interest in Web3 technology is well known. The electronics giant included a cryptocurrency wallet app within its top-of-the-line Samsung Galaxy S10 smartphone as early as 2019. This app allowed for the secure management of cryptocurrency holdings and storage through hardware-based processes.


The Knox Matrix security solution, which it unveiled for its smart devices in October 2022, intends to increase the security of a multi-device environment by having each smart device monitor the activity of others and share access data, streamlining the logging-in procedure.


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Joyashree Dey

CBW - External Analyst

INDIA

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