Plans Afoot in South Africa for Country’s First Bitcoin ETF
Crypto startup DCX Capital will apply to convert its crypto index fund EC10 into an ETF.
Apr 16, 2021 at 3:31 p.m. UTCUpdated Aug 19, 2021 at 8:50 a.m. UTC
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindeskuat/SFRKXIOHUZDETMHITE2CQJPFAQ.jpg)
Earle Loxton, the co-founder of DCX Capital, has revealed plans to launch South Africa’s first bitcoin exchange-traded fund (ETF).
- Loxton said in a podcast Wednesday the company will be making an application to the Johannesburg Stock Exchange (JSE) for the ETF.
- The application will be made through Easy Equities, an online trading platform that acquired a controlling stake in DCX Capital in October.
- DCX Capital is the manager of crypto index fund EC10 that holds the world’s 10 largest cryptocurrencies as assets, which the company appears to be planning to turn into an ETF.
- This is reminiscent of Grayscale Investments’ intention to convert the Grayscale Bitcoin Trust (GBTC) into an ETF when such instruments are approved by the U.S. Securities and Exchange Commission.
- Alongside Easy Equities, DCX Capital plans to partner with a custodian to safely store the crypto assets that make up the EC10, Loxton said.
STORY CONTINUES BELOW
13:18
Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
05:10
Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
04:07
The first video of the year 2024
40:07
The last regression video of the year 3.67.0
:format(webp)/downloads.coindesk.com/arc/failsafe/user/1x1.png)