The launch of three new cryptocurrency exchange-traded funds (ETFs) in Australia faces last-minute delays less than a week after they were officially announced, undermining the country's bid to be the top destination for digital assets in the developed countries world.

https://twitter.com/webnowcompany/status/1518859460491591682

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On April 27, the funds were set to go live on Australia's Cboe market. However, this has been postponed due to delays caused by parties unrelated to the ETFs or the exchange. There hasn't been any new information about the debut date.

Head of product at Australia’s ETFS Management said, 
<blockquote>“We have become aware late on Friday that a downstream service provider may not be fully ready to support the launch of the Bitcoin and Ethereum ETFs,” </blockquote>
ETF Securities, along with Switzerland-based 21Shares AG, is behind a Bitcoin and Ethereum spot-traded fund introduced last Tuesday.

On the same day, Australia's Cosmos Asset Management unveiled its third ETF, the Canadian Purpose Bitcoin ETF, which invests in Bitcoin. An ETF is a financial product that tracks the price of an underlying asset like a share that can be exchanged on stock exchanges, allowing investors to gain exposure to assets that they might not be able or willing to participate indirectly. Crypto ETFs are a nascent financial product that has piqued the interest of the worldwide crypto sector, and ETF Securities claims that this is a one-off problem that does not reflect on the product category as a whole.

Australia's Three New Crypto Exchange-Traded Fund Face Last-Minute Delays

The launch of three new cryptocurrency exchange-traded funds (ETFs) in Australia faces last-minute delays less than a week after they were officially announced

Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

Australia's Three New Crypto Exchange-Traded Fund Face Last-Minute Delays

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