It’s only been a few weeks since Canada introduced the world to the first bitcoin-based exchange-traded fund (ETF). Now, it looks like an Ethereum-based ETF may be on its way.

The Case for Canada and the Crypto ETF

Evolve Funds is the company behind Canada’s BTC ETF, and it looks like the company is already experiencing heavy success with this product. So much, in fact, that it wants to bring similar products to the market, and it feels that Ethereum may be the way to go. As the world’s second-largest cryptocurrency by market cap and the number one competitor to bitcoin, chances are plenty of people exist out there that will look to take advantage of additional ETH trading.

In a press release, the company announced:

Ether is the building block for a revolution in digital finance which is still in its infancy. All ether transactions are recorded on the Ethereum computer network, which is a decentralized, open source blockchain featuring smart contract functionality. Ethereum is the most actively used blockchain with ether being used to pay for transaction fees and computation services.

Ethereum is widely considered a stronger blockchain than bitcoin in many ways thanks to its capabilities with smart contracts. Many developers seek to utilize Ethereum for building new decentralized apps (dapps) and coins, which has led to heavy traffic congestion and high fees in the past. Co-creator of ETH Vitalik Buterin has even stated that Ethereum was no longer scalable, though the release of Ethereum 2.0 is likely to make some of these problems vanish.

In addition, the idea of a bitcoin or crypto-based ETF has been in the back of traders’ minds for several years. North America was widely considered a leader when it came to financial revolution, though the release of a crypto ETF wasn’t something that came easily. Many companies – from Van Eck to Bitwise – have struggled to get approval from organizations such as the Securities and Exchange Commission (SEC), only to come up empty handed in the end.

A “Complementary” Product?

Finally, it looks like Canada has come to the rescue. Raj Lala – president and CEO of Evolve Funds – says:

As a leader in disruptive innovation, we look forward to providing Canadian investors with access to another leading cryptocurrency through an ETF structure. Cryptocurrencies are fundamentally transforming digital finance and Evolve is quickly establishing itself as a leading facilitator for investing in this space. Ether is a digital asset that is not issued by any government, bank or central organization and was intended to complement rather than compete with bitcoin.

Right now, the Ethereum ETF is in its early filing stage, and no approval has been given, though the move is leading many investors and traders to feel confident that developed nations such as the U.S. will soon follow in Canada’s footsteps and unveil similar products.

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