Itaú Asset has introduced a cryptocurrency-backed exchange-traded fund (ETF). Ita Banco, the bank with the most significant AUM in Latin America, operates Itaú Asset, an investment fund division.
Itaú Asset’s Partnership with Galaxy Digital
The B3 Stock Exchange in Brazil will soon be home to the IT Now Bloomberg Galaxy Bitcoin ETF. According to a press statement, this is likely to occur as quickly as today’s markets open. This is the outcome of a partnership with Galaxy Digital, owned by Mike Novogratz.
The fund would first provide investors exposure to bitcoin. Investors will, after that, be able to access new strategies working in the digital asset space as the fund continues to develop.
The Itaú Asset Head of Strategy is Renato Eid Tucci. He said their goal is to provide customers with the most outstanding options possible to suit their investment objectives diversely and globally.
He said that by joining forces with Galaxy, they could use the latter’s experience as a worldwide leader in the digital asset market while benefiting from the former’s 60 years of experience in the industry.
About Itaú Unibanco and Galaxy Digital
The goal of Itaú Unibanco is to support the transformative potential of its clients and staff. Accordingly, it implements a strategic plan that prioritizes digital innovation and customer service.
Itaú Unibanco joined forces with Galaxy in reaction to modifications in the cryptocurrency ETF market. Last week, the move to delist three Australian cryptocurrency exchange-traded funds’ offerings was made due to declining asset values.
This came after October research outlining the fundamental requirements ETF managers must meet to provide cryptocurrency products in Hong Kong.
While several cryptocurrency companies have denied any exposure to FTX, Galaxy Digital has come out to admit it has been affected.
Galaxy (TSX: GLXY) is a cutting-edge blockchain and digital asset company. It encourages individuals worldwide to make investments in economic expansion. According to the corporation, advancements in cryptocurrencies will permeate and improve every aspect of the global economy.