Canada’s openness to cryptocurrency innovation is in place and is billed to help bring live the supposed world’s first Ethereum ETF product.

Canada-based CI Global Asset Management (CI GAM) is on pace to launch the world’s first Ethereum (ETH) Exchange Traded Fund (ETF) product. The company revealed this in a press release, noting that it had filed and obtained a receipt for a preliminary prospectus for CI Galaxy Ethereum ETF which will trade under the ticker symbol “ETHX”.An Ethereum-backed Exchange-Traded Fund is an investment vehicle that provides investors with the opportunity to venture into the ETH markets without the attendant risk of purchasing the asset itself. It offers corporate clients who have a vested interest in digital assets the opportunity to do so under a more regulated setting.CI GAM is launching its ETHX product in conjunction with Galaxy Digital Capital Management LP (“Galaxy Digital”), a subsidiary of Galaxy Digital Holdings Ltd (TSX: GLXY) owned by Mike Novogratz. The latter firm will act as the Ether sub-advisor for the ETF giving it a direct involvement in trading the cryptocurrency on behalf of the outfit.“Cryptocurrencies are transforming the financial world, and we are excited to launch the world’s first ETF investing directly in Ether, one of the most highly valued cryptocurrencies,” said Kurt MacAlpine, Chief Executive Officer of CI Financial, the parent company of CI GAM. “With these funds, we are reducing the friction points that investors have traditionally faced in buying and holding cryptocurrencies.”ETHX as announced will be listed on the Toronto Stock Exchange with investments made directly in Ethereum. Per the press release, the fund’s holdings will be priced using the Bloomberg Galaxy Ethereum Index (“ETH Index”), a tool designed to measure the performance of a single Ether traded in U.S. dollars.World’s First Ethereum ETF in View, Canada’s Openness at PlayCanada’s openness to cryptocurrency innovation is in place and is billed to help bring live the supposed world’s first Ethereum ETF product. Canada approved two Bitcoin ETFs this month, further strengthening the nation’s position to embrace digital currency offerings.The backing for an Ethereum ETF is not out of place, the cryptocurrency is the second-largest by market capitalization and it is the flagship network for Web3.0.“Ethereum is the leading candidate to be the base layer of Web 3.0, and Ether is a growth asset that provides investors exposure to the explosion of decentralized applications,” said Mike Novogratz, Chairman and Chief Executive Officer of Galaxy Digital Holdings.The debut of the Ethereum ETF has lots of implications, with the core being a springboard for many more to emerge. These products may serve as the ultimate link to endear increased institutional investor participation into the volatile and largely unregulated world of cryptocurrencies.“We are thrilled to expand our advisory relationship with CI,” said Steve Kurz, Partner, and Head of Asset Management. “The CI Galaxy Ethereum ETF represents a global first, giving investors a simplified path to benefit from the potential growth of this important asset class.”Read more news of the crypto industry on Coinspeaker.

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