India to launch first bitcoin and ethereum futures ETF

India to launch first bitcoin and ethereum futures ETF

2022/1/14

Torus Kling Blockchain IFSC, a joint venture between Cosmea Financial Holdings and Kling Trading India, has reportedly signed a memorandum of understanding (MoU) with India’s INX to launch the country’s first Bitcoin and Ethereum futures exchange-traded fund (ETF), Will be the first cryptocurrency-backed futures ETF outside the U.S. The futures ETF is expected to launch under the International Financial Services Centres Authority (IFSCA) sandbox structure by the end of the fiscal year. Product launch is subject to IFSCA and other regulatory approvals. Under the MoU, India INX will be the trading platform, Cosmea Financial Holdings will be the distributor, and Kling Trading will be the technology partner. Cosmea has applied for a Small Finance Bank (SFB) license from the Reserve Bank of India (RBI) and is awaiting regulatory approval. Torus Kling Blockchain IFSC will provide 24/7 liquidity through intelligent order routing, becoming a liquidity provider for INX in India.

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