A major Brazilian crypto asset manager has received $26 million in investment.

Spread the love

 222 Interactions,  4 today

Coinbase and SoftBank have invested $26 million in Latin America’s first crypto asset management business.

Hashdex, a Rio de Janeiro-based crypto asset manager with over 4 billion Brazilian real ($765 million) in assets under administration, has raised $26 million from investors in a recent funding round.

According to Bloomberg on Wednesday, venture capital firm Valor Capital Group led the funding round with participation from Coinbase Ventures — the VC arm of American exchange giant Coinbase — and SoftBank.

The $26-million capital influx comes as Hashdex is set to pursue its expansion outside Brazil. Indeed, the company is reportedly planning to open as many as 75 new locations across the world before the end of the year.

Hashdex also intends to expand its crypto offerings list, with co-founder Marcelo Sampaio reporting that customers are becoming more interested in cryptocurrencies. “Investors are still getting to know cryptocurrency, and we see room to offer more products in Brazil,” said the former Microsoft executive in an interview with Bloomberg.

RECOMMENDED READ:  Whales scooped up $5.5 billion in Bitcoin as the price fell below $36K.

As previously announced by Cointelegraph, Hashdex has partnered with Nasdaq to launch a crypto exchange-traded fund in Bermuda in September 2020. In February 2021, the Bermuda Stock Exchange authorised the composite crypto ETF.

Hashdex has collaborated with Nasdaq to create the Nasdaq Crypto Index, which tracks the most liquid cryptocurrencies on major exchanges and custodians such as Coinbase, Kraken, BitGo, and Fidelity. The NCI is made up of six cryptos: Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Chainlink’s LINK, and Stellar Lumens (XLM).

Hashdex is also a crypto ETF issuer in Brazil, having received permission in March to list a composite cryptocurrency ETF product that monitors the NCI.

Brazil and Canada are the only two countries that have approved a Bitcoin ETF, with many BTC ETF applicants filing applications in the US. The Chicago Board Options Exchange filed a Form 19b-4 earlier this month to become the exchange partner for Fidelity’s Wise Origin Bitcoin Trust Bitcoin ETF.

RECOMMENDED READ:  Jim Cramer uses half of his 'Bitcoin to pay off his mortgage, money he dubbed phoney money'.

 

Leave a Reply

Contact Us