15:12
Co-Founder of South Africa's Crypto Index Fund Reveals the Plan to Launch Country's First Bitcoin ETF

Earle Loxton, the cofounder of EC10 (formerly DCX Capital) the institution behind the South African crypto index fund, says plans are afoot to launch the country’s first exchange-traded fund (ETF). The ETF is expected to offer South African institutional investors an indirect way of getting exposure to bitcoin.

According to Loxton, an application for this ETF will soon be lodged with the Johannesburg Stock Exchange (JSE). However, Loxton also reveals in a podcast that before proceeding with the application, EC10 alongside Easy Equities will initially prioritize finding a suitable custodian for its crypto assets. Loxton explained:

To get to the level where we will be compliant with the requirements of a listed instrument, we definitely need the services of a dedicated, regulated and registered custodian.

Therefore, as part of an arrangement, Easy Equities, which acquired the controlling stake in DCX Capital in 2020, will help secure the services of a custodian. This custodian will safely store some of the ten crypto assets that constitute the EC10 Index.

Meanwhile, during the podcast, Loxton also took the time to explain the decision to hike the EC10 management fees from 1% to 2%. In justifying the fee increase, the fund’s co-founder said:

“At 1% to be absolutely honest with you, we were never going to make a profit at 1% growing at that rate.”

Loxton also adds that because the business, which now has $27 million worth of assets under management, experienced a slow start, it, therefore, made sense to hike the fee. The EC10 index fund.

Source:news.bitcoin.com

Start mining bitcoin now

Start trading bitcoin now

Category: News | Views: 180 | Added by: 4zvezda | Tags: #Bitcoin #Bitcoin markets #BTC | Rating: 5.0/1
Total comments: 0
Name *:
Email *:
Code *:
[14.05.2021][News]
How Elon Musk Crashing Bitcoin To Grow Dogecoin Is A Silly Move (0)
[14.05.2021][News]
Bitcoin (BTC) Inflows into Crypto Exchanges Hit a 1 Year High (0)
[14.05.2021][News]
Bitcoin stabilizes after sell-off, faces resistance near 53k (0)
[14.05.2021][News]
Bitcoin Weekly Forecast: BTC clings to support, on-chain metrics show sellers' onslaught (0)
[13.05.2021][News]
TESLA HAS ONE OTHER BIG REASON FOR HALTING BITCOIN PAYMENTS (0)
[13.05.2021][News]
Bitcoin falls as Binance said to face investigations from US Justice Dept and IRS (0)
[12.05.2021][News]
SEC to Weigh Whether Bitcoin Futures Market could Accommodate ETFs (0)
[12.05.2021][News]
MoneyGram to Enable Users to Buy Bitcoin and Withdraw it From Birck-and-Mortar Locations (0)
[12.05.2021][News]
USD Index is Crashing; It Has Been Historically Bullish for Bitcoin (0)
[12.05.2021][News]
SEC Warns of Bitcoin Futures Risks in Mutual Fund Investments (0)
close