Purpose Investments Inc. has announced the launch of ‘Purpose Ether’, the first direct custody ETH in the world. The ETH that was cleared by the Canadian Securities regulators, is designed to provide investors the exposure to the popular cryptocurrency. The launched ETF will offer three classes of units. The First ETF that Directly Owns and Provides Exposure to Ether Offering three classes of units namely, the Canadian dollar currency-hedged units (ETHH), Canadian dollar non-currency hedged units (ETHH.B), and the US dollar units with ticker units (ETHH.U). A statement from the founder and CEO of Purpose Investments, Som Seif “While Bitcoin tends to get a lot of attention as it was the first major cryptocurrency, what Ether and the Ethereum ecosystem represent is one of the most exciting new technology visions today in society.” “By launching the first ETF in the world that directly owns and provides exposure to Ether, we are enabling every investor to have access to this unique opportunity and ecosystem” he added. The proposed ETF will be the first in the world to invest directly in physically settled ETH. Providing easy and effective access to the upcoming asset class of crypto, the risk associated with self-custody within the digital wallet is also diminished. The proposed ETF is likewise to the Purpose Bitcoin ETF and other physically-backed gold and silver products. Backed directly by physically settled Ether holdings, the ETF represents the evolution of the Company’s digital asset lineup. Issues Addressed by the Purpose ETH ETF The Purpose Bitcoin ETF has attracted more than $1.4 B in assets since its launch. Making this one of the most successful ETF launches in history. CEO of Ether Capital, Brian Mosoff, said “Our role in Purpose Ether ETF is to help make sure the more complex aspects of cryptocurrency ownership and transactions fit together.” “We are focused on addressing key issues relating to Ether custody, transactions, and liquidity. Ether is the cryptocurrency we believe has the most potential for the future and is where our expertise really lies. Building this ETF is not only a natural extension to the Purpose Investments digital asset lineup, but a natural fit for us at Ether Capital working alongside Purpose.”
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