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.