Torus Kling Blockchain IFSC, a 50:50 joint venture involving Sam Ghosh’s Cosmea Financial Holdings (CFH) and Kling Trading India, has inked an MOU with India INX to issue India’s first Bitcoin blockchain futures ETFs, as well as Multiverse US-based large-cap discount certificates.
What’s The News?
This Bitcoin and Ethereum future ETF is the first symmetric encryption futures ETF outside of the United States, as well as the first Asian discounted certificates that follow Metaverse large-cap equities in the United States and Europe. The ETF contracts will be released in an IFSCA sandbox environment. As a liquidity provider, Torus Kling Blockchain will provide India INX with 24/7 deep liquidity & smart order routing. The product will be distributed by Torus’ international trade team and partners. Consumers engaging in blockchain technology goods via ETFs & 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 prepared to provide Digital Asset-based products and has already applied for a Regulatory Sandbox from IFSCA.” This is part of the business innovation agenda, which also includes comparing our offerings to those offered by other worldwide financial centres. Mr V. Balasubramaniam, Managing Md & Ceo of India INX, stated, “We will be releasing things in these new-age assets in compliance with current laws after receiving the requisite post regulatory permissions.”
“This is probably the top of the iceberg in addition to new asset classes.” According to Krishna Mohan Meenavalli, CEO of Torus Kling Blockchain IFSC, “exchange trade products help to trade through ordinary investment accounts, circumventing the bother and security issues of cryptocurrency exchanges.” Subject to IFSCA and other regulatory clearances, Torus Kling Blockchain IFSC expects to deploy the ETF in Gift City by the end of the current fiscal year.
According to sources, the cryptocurrency market’s worldwide futures trading volume was USD 3.2 trillion, while overall Spot transactions remained half a billion lower at USD 2.7 trillion. In India, ETF AUM nearly doubled in FY21, from Rs 1.5 lakh crore to Rs 2.9 lakh crore. Furthermore, ETPs have amassed much more than USD 1 trillion in assets, representing 15% of total global fund assets.