Bitcoin

<a href="https://www.galaxy.com/" rel="noopener noreferrer nofollow">Galaxy Digital</a> has developed <a href="https://blockchainreporter.net/tag/bitcoin" rel="noopener noreferrer nofollow">Bitcoin</a> ETFs in Brazil in collaboration with the most considerable private asset management, in the recent example of <a href="https://blockchainreporter.net/tag/cryptocurrency/" rel="noopener noreferrer nofollow">cryptocurrency</a> and <a href="https://blockchainreporter.net/what-is-tradfi-the-future-of-crypto-banking/" rel="noopener noreferrer nofollow">TradFi</a> clashing. The cryptocurrency unit has partnered with long-standing hedged fund company Itaú Asset Management to develop a comprehensive spectrum of genuinely backed cryptocurrency ETFs in Brazil. First up is the IT Now Bloomberg Galaxy Bitcoin ETF (BITI11), which will also start trading directly on the B3 Stock Exchange next Thursday.<h2 id="header-0">Galaxy Digital Intends to Expand in Europe and Asia</h2>According to Steve Kurz, who is the global chief of assets management at Galaxy Digital, the collaboration will most probably bring the ether-focused ETFs to Brazil, along with more diverse strategies. Galaxy is also keeping an eye on potential in Asian and European countries.Kurz said that the cryptocurrency industry expands institutionally; there’s an important factor for blue-chip organizations like Galaxy Digital to operate as a collaborator to huge institutions that have vast customer bases but lack the in-house knowledge required to produce and deliver superior <a href="https://blockchainreporter.net/tag/crypto/" rel="noopener noreferrer nofollow">crypto</a> products.Itua Asset Management, located in Brazil, was launched in 1957 and currently manages around a billion dollars worth of assets. Its main business, Itaú Unibanco, has over 65 million users and serves in 18 locations across the globe.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/ed5fb38070cb4d1b82a357261624b180.jpeg" />Renato Eid said that this coalition integrates the stability and legitimacy that <a href="https://www.itauassetmanagement.com.br/" rel="noopener noreferrer nofollow">Itaú Asset</a> has built over the past 60 years with the resilience and knowledge of Galaxy as one of the largest seasoned players in the international digital asset environment. While many spot BTC ETFs operate on Canadian stock exchanges, The United States has yet to authorize live Bitcoin ETFs, despite scores of rejected applications.Nubank, a Brazilian digital bank, announced in Sept that its cryptocurrency platform has 1.8 million subscribers. QR Asset Management introduced Latin America’s maiden Bitcoin ETF in the Brazilian market in June last year, and others, like Hashdex, have created crypto-related products in the nation.<h2 id="header-1">Galaxy Declares a Net Loss of Around $68 Million Last Week</h2>Galaxy declared a net upset of approximately 68 million US dollars in the 3rd quarter last Wednesday, a decrease from losses of 112$ million and 555$ million during the first &amp; second periods, respectively. Cryptocurrency marketplaces are also hurting from <a href="https://blockchainreporter.net/the-truth-about-binance-ftx-deal/" rel="noopener noreferrer nofollow">FTX’s collapse</a>, with Bitcoin losing about 24% during this week and presently <a href="https://blockchainreporter.net/glossary/trading/" rel="noopener noreferrer nofollow">trading</a> at 16,300$ – its lowest number since Dec 2020.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/6afbcf0647144838ade2a3ec91dcc680.png" />As of October 31, Galaxy’s asset management arm managed around 2$ billion of assets through overactive, passive, and venture methods. Galaxy Digital’s Toronto-listed stock price has fallen 36% during the last week and 83% year to date.Galaxy’s latest collaboration comes on the heels of its collaboration with fund powerhouse Invesco in Sept 2021. The Invesco Alerian Galaxy Cryptocurrency Economy ETF (SATO) and the Invesco Alerian Galaxy Blockchain Customers and Decentralized Commerce ETF were released in the United States a month later. In May, the business collaborated with Canada-based CI Global Asset Management to offer <a href="https://blockchainreporter.net/glossary/blockchain-3-0/" rel="noopener noreferrer nofollow">blockchain</a> and meta ETFs just on the Stock Exchange of Toronto.

Galaxy Digital Partners with TradeFi Giant to Launch Bitcoin ETF in Brazil

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