Monochrome Asset Management Updates Application for Bitcoin ETF on ASX
Monochrome Asset Management, an Australian-based cryptocurrency investment firm, has announced its plan to introduce a spot Bitcoin exchange-traded fund (ETF) on the Australian Securities Exchange (ASX). Here are the key points to know:
– Monochrome is partnering with Vasco Trustees to launch the Monochrome Bitcoin ETF, which aims to provide Australian retail investors with direct exposure to Bitcoin and Ether (ETH).
– Monochrome’s CEO, Jeff Yew, emphasizes the importance of regulated access to cryptocurrencies for retail investors, promoting investor protection and confidence in the crypto market.
– By offering a regulated ETF, Monochrome aims to provide a secure environment for investors, contrasting with the potential risks associated with unregulated exchanges.
– The collaboration with Vasco, serving as Monochrome’s “Responsible Entity Partner,” positions the investment firm to offer regulated exposure to cryptocurrencies.
– The proposal of a Bitcoin ETF on the ASX signifies progress towards mainstream adoption and regulatory acceptance of cryptocurrencies in Australia.
Hot Take:
The introduction of the Monochrome Bitcoin ETF on the ASX could be a game-changer for the crypto market in Australia. By providing direct exposure to Bitcoin within a regulated framework, this ETF has the potential to attract more retail investors and boost confidence in the asset class. Moreover, the success of this application could set a precedent for future crypto asset investment vehicles. As the interest in spot Bitcoin ETFs grows globally, Monochrome’s update aligns with the current trend and reflects the increasing acceptance of cryptocurrencies in the financial industry.
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