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MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
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First Bitcoin ETF in Latam Debuts on Brazil Stock Exchange

bitcoin etf

The first Bitcoin ETF in Latin America made its debut yesterday on the Brazil Stock Exchange. Presented by QR Capital, a Brazilian blockchain investment firm, the ETF seeks to simplify Bitcoin exposure for institutions and companies. The ETF was approved by Brazilian regulators and is currently trading with the QBTC11 ticker.

Bitcoin ETF Makes It in Brazil

The first Bitcoin ETF initiative in Latam is already listed on the Brazilian stock exchange. Conceived by QR Capital, a blockchain investment firm and asset manager, its objective is to simplify Bitcoin access for institutions. This Bitcoin ETF product got its approval last March from the Brazil Securities and Exchange Commission.

According to QR Capital CEO Fernando Carvalho, their product is pioneering how companies approach cryptocurrency investments in Brazil. Carvalho stated:

We can see the market maturing in its search for safer and simpler bitcoin exposure options. Our bitcoin ETF is a landmark for both financial and crypto markets, once it is the convergence point between them. The Brazilian investor has now a regulated and robust choice to buy bitcoin.

While other Bitcoin-based ETFs were launched in Canada, this offering is unique in Latam. The product had a good starting session, with bitcoin prices recovering 7% during initial trading hours. QR’s Bitcoin ETF also features a relatively low administration fee of 0.75% annually, intended to entice small investors into entering the cryptocurrency investment world in regulated fashion.

US Lags Behind

Canada and Brazil are already trading Bitcoin ETFs in their markets. But similar filings in the US haven’t had the same luck. The SEC (Securities and Exchange Commission) has repeatedly denied filing after filing from different companies offering similar products. There are currently more than 7 filings from different companies seeking to offer this solution in the US stock market, and two for Ethereum-based variations.

The SEC has given several reasons for not greenlighting these proposals. Unregulated markets prone to manipulation and price volatility are a couple. However, Microstrategy and Grayscale have stepped in as a kind of unofficial replacement for these instruments, bringing indirect exposure to the underlying assets.

In any case, if a Bitcoin ETF arrives in US markets soon, it could greatly simplify companies’ access to Bitcoin. There are still major hurdles to overcome for institutions wishing to invest in crypto. An ETF would be a major solution for managers that don’t want to complicate things with custody liabilities and want to be protected by current market laws.

What do you think about the first Bitcoin ETF product approved in Brazil? Tell us in the comments section below.

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