Banco do Brasil becomes the first state-owned bank in the world to offer cryptocurrency ETFs

Charlie Taylor

The debut of Brazil's first cryptocurrency ETF has been delayed, but not because the plans failed in some way. Banco do Brasil (BBAS3) is entering the movement of ETF issues, following the same steps as Banco Itaú and BTG Pactual.

Banco do Brasil customers buying cryptocurrencies

According to a letter sent by Hashdex to its customers, the state banking institution will be able to offer its customers the possibility of acquiring HASH11, an ETF made up of 6 major cryptocurrencies. , which will replicate the Nasdaq Crypto Index (NCI). The letter clarifies that the new ETF debut date is scheduled for April 26, 2022, while the original date was April 22. With this maneuver, the banking institution becomes the first public bank in the world to offer this type of exposure.


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Subscription orders can be made until April 20, according to Hashdex, and the only ones who can do this are authorized agents “who can do this on their own behalf or on behalf of customers.” The Hashdex Nasdaq Crypto Index (HASH11) coordinated by Itaú, BTG Pactual and Genial consists of crypto assets such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Chainlink (LINK), Bitcoin Cash (BCH) and Stellar (XLM).

HASH11 will be traded on the Stock Exchange

Overall, the launch of the ETF poses another obstacle overcome in terms of adopting cryptocurrencies. The strict regulatory rules of the CVM (Brazilian Securities and Exchange Commission) restrict the exposure of small investors to the crypto market due to the “high risks” it has. In addition, the Hashdex 100 fund offered in Brazil is also restricted to “professional investors” hold over 10 million reais in investments in the financial market. After the official launch on April 26, 2022, HASH11 will be traded on the São Paulo Stock Exchange (B3). You would imagine that Banco do Brasil would be the first state-owned bank in the world offering exposure to crypto for its customers? Leave your opinion in the comments below.

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