DCX Capital, a cryptocurrency startup plans to launch South Africa’s first Bitcoin ETF according to a recent statement made by the co-founder of the company. The startup company will request to transform its crypto index fund EC10 into an ETF.
Earle Loxton, the co-founder of DCX Capital, has revealed plans to set up South Africa’s first bitcoin exchange-traded fund (ETF).
The co-founder of the South African startup, Loxton said in a podcast on Wednesday that the company will be making an application to the Johannesburg Stock Exchange (JSE) for the Bitcoin ETF.
The request will be made through Easy Equities, an online crypto trading platform that acquired a controlling stake in DCX Capital in October.
The company is the manager of crypto index fund EC10 that holds the world’s top ten 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, the crypto startup plans to partner with a custodian to safely store the crypto assets that make up the EC10, Loxton said.
This article is sourced from:https://www.coindesk.com