Graham Tuckwell of ETF Securities compared the recently introduced crypto ETFs (exchange-traded funds) in Australia with the Gold ETFs. Many industry analysts believe the launch of the first Australian cryptocurrency ETFs on May 12 would be a game-changer for the digital asset marketplace in Australia.
The newly launched crypto ETFs are launched on the CBOE Exchange and are completely backed by assets kept in cold storage. These crypto ETFs follow the Australian dollar price of BTC and ETH.
Cryptocurrency ETFs
ETFs provide a simpler way for less tech-savvy investors to gain exposure to cryptocurrency without having to go through know-your-customer (KYC) protocols or establish several crypto wallets to have their assets moved to them.
Graham Tuckwell, while comparing the crypto ETF with the gold ETF, told the sources that it’s quite similar to the gold product they released about 20 years ago, which paved the way for all of the major gold ETFs throughout the world.
On the question of the availability of facilities to help smooth out price fluctuations, he informed the followings:
“We’re attempting to provide individuals with the type of physical backing as Bitcoin and Ethereum. We’re not attempting to apply any kind of derivative layer to them. We aim to provide consumers with assets that are a perfect fit for the underlying investment to which they are attempting to gain exposure.”
Falling cryptocurrency market and launching of crypto ETFs
On the launching of new cryptocurrency ETFs at the time of the falling crypto market, Tony Sycamore, senior market analyst from City Index, shared the followings views to the sources:
“There are strong signs of surrendering in crypto this week which usually follows recoveries. If the recovery develops pace, it will help gather support for the newly listed ETFs, as well as the further acceptance more widely.”
 in Australia with the Gold ETFs.){kind=link}