Torus Kling Blockchain Soon To Launch India’s Very First Future’s Bitcoin ETF

SYNOPSIS

  • Torus Kling Blockchain IFSC, a mutual joint venture between Sam Ghosh’s Cosmea Financial Holdings (CFH) and Kling Trading India, has signed a memorandum of understanding with India INX to launch India’s first Bitcoin and Ethereum futures ETFs, as well as Metaverse US-listed large-cap discount certificates.
  • This Bitcoin and Ethereum futures ETF will be the first crypto-backed futures ETF outside of the United States, as well as the first Asian discount certificates that follow Metaverse large-cap equities in the United States and Europe.
  • Customers participating in blockchain-backed products through ETFs and discount certificates are expected to bring in USD 1 billion in the first two years, according to Torus Kling Blockchain.

Torus Kling Blockchain IFSC, a mutual joint venture between Cosmea Financial Holdings (CFH) and Kling Trading India, has signed a memorandum of understanding with India INX to launch India’s first Bitcoin and Ethereum futures ETF, as well as Metaverse US-listed large-cap discount certificates.

Bitcoin ETF Before US…

This Bitcoin and Ethereum futures ETF will be the first crypto-backed futures ETF outside of the United States, as well as the first Asian discount certificates to follow Metaverse large-cap equities in the United States and Europe.

Torus Kling Blockchain will offer India INX with round-the-clock deep liquidity and smart order routing as a liquidity provider. Torus’ global distribution team and partners will distribute the product.

Customers participating in blockchain-backed products through ETFs and discount certificates are expected to bring in USD 1 billion in the first two years, according to Torus Kling Blockchain.

“India INX at GIFT IFSC is looking towards launching Digital Asset-based products and has already filed a Regulatory Sandbox application with IFSCA.” This is part of our product innovation strategy, which is aimed at benchmarking our services against those of other international financial centres. Mr. V. Balasubramaniam, India INX’s Managing Director and CEO, stated.

Subject to IFSCA and other regulatory clearances, Torus Kling Blockchain IFSC expects to launch the ETF in Gift City by the end of current fiscal year.

The Correction On News

A user from the microblogging site rectified the news. By correcting the media, he wrote that the company will launch Future’s Bitcoin ETF and not Spot bitcoin ETF. He also stated the criteria under which an Investor will be able to purchase the ETF.

According to sources, the cryptocurrency market’s worldwide futures trading volume was USD 3.2 trillion, while overall Spot transactions were half a billion lower at USD 2.7 trillion. During FY21, the ETF AUM in India nearly quadrupled, from Rs 1.5 lakh crore to Rs 2.9 lakh crore. Furthermore, Exchange Traded Products (ETPs) have amassed more than USD 1 trillion, accounting for 15% of all worldwide fund assets.

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