Thursday, October 5, 2023

Brazil Hashdex Sets DeFi ETF


Brazilian investors will soon be able to trade an ETF following DeFi’s hottest commodities.

Hashdex announced that it had received approval to create the “world’s first” DeFi ETF, a crypto asset manager.


The new CF DeFi Index ETF from Hashdex, will trade under the ticker DEFI11. Furthermore, the development will be in partnership with cryptocurrency index provider CF Benchmarks. Also, it will track the price of the CF Benchmarks DeFi Modified Composite Index. Additionally, there will be a tracking of basket of 12 tokens tied to the DeFi market. Together with Ethereum, Uniswap, AMP, and Curve accounting for more than half of the entire value of the basket.

AAVE, Maker, Polygon Chainlink, The Graph Synthetix and Yearn Finance in the index of tokens follow this.

Borrow, lend, and swap crypto assets without third-party intermediaries using a variety of protocols, applications, and tools. Besides, DeFi is a catch-all phrase that refers to the Ethereum blockchain. On Ethereum alone, DeFi currencies are worth over $96 billion, according to CoinGecko.

ETFs allow investors to buy and hold shares of an asset without really owning or storing it. A cryptocurrency or token holding can be in an ETF instead of an exchange or a digital wallet.

DeFi protocols comprise 70% of Hashdex’s index, smart contract network tokens 15%, and support protocols and scalability solutions the rest.

Brazil Supports Crypto ETFs

Hashdex currently offers a total of four cryptocurrencies ETFs. The latest of which is DEFI11. The Hashdex Nasdaq Crypto Index FI is the first cryptocurrency ETF in Latin America. Moreover, it has made the company a pioneer in the investment sector.

Hashdex also offers a reportedly “carbon neutral” Bitcoin ETF (BITH11) and an Ethereum ETF (DEFI11) in addition to HASH11. Additionally, there is the release of DeFi ETF (DEFI11) (ETHE11). In Brazil, people can trade BTC11 and QETH11, both managed by QR Asset Management. Hashdex’s DeFi ETF would be the country’s sixth crypto ETF.

Last year, the Brazilian stock market listed several profitable ETFs, according to InfoMoney, a financial news portal. HASH11, which tracks the Ibovespa, is Brazil’s second most popular ETF, after IVVB11, which follows the S&P.

Despite the DEFI11 ETF’s February launch, Hashdex informed Twitter that the reserve period for the initial shares starts tomorrow.

The initial subscription price will be around 50 reals ($9), according to Valor Investe, a Brazilian news portal. XP Investimentos, Brazil’s top broker, Ita BBA, and Banco Genial will work together to put this deal together.

Jacob Yang
Jacob Yang
Jacob Yang works at Cryptoconstellation as a writer. He has been working in finance for the past 6 years. Jacob loves sharing news about the cryptocurrency world and he, himself has invested in a few. Jacob enjoys travelling and finding the best restaurants wherever he goes.

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