Brazil’s first-ever bitcoin exchange-traded fund (ETF) receives approval from the Brazilian Securities and Exchange Commission. 

According to a recent tweet by QR Capital, the fund will be traded under the ticker QBTC11 and will be listed under the Sao Paulo stock exchange. 

In his recent statement, Fernando Carvalho, CEO of QR Capital, stated that the move will serve as a milestone for the capital market of the region.

“Our ETF, to be traded with the QBTC11 ticker, is a milestone in the Brazilian market. The asset ends up acting as a double hedge, as it is a digital commodity and at the same time, it is traded in dollars on the world market. Its price is unrelated with other asset classes, which means that it is increasingly being adopted by large managers and investors within diversified portfolios.”

According to reports, the Brazilian Securities and Exchange Commission has approved not one but two ETFs this week. Hashdex’s ETF will have HASH11 as its ticker and will start trading this month.

Canada was the first country to approve a bitcoin ETF in the region. Currently, it has so far approved two more additional bitcoin ETFs, Evolve and CI Galaxy that has launched on March 1.

VanEck’s Bitcoin ETF in the U.S. if approved by the US SEC will be the first of its kind in the country.

Crypto ETFs are now becoming a fast-growing trend not just in the American continent but even in Asia. Malaysia recently launched its ever bitcoin ETF in the region. Named as BCMG Genesis Bitcoin Fund-I (BGBF-I), will not only offer crypto services but also insurance.

The recent trend was a result of massive crypto adoption by institutional investors. The rise in the number of institutions joining the industry is a strong indication of the high level of confidence from investors across the globe. Increased adoption will also mean a thriving crypto market.

In recent data by Coinmarketcap, the crypto industry has now a total market cap of $1.8T. A massive increase of 50% from its previous market cap of only $900B at the start of the year.