Banco Comafi and Argentine Stock Exchanges and Markets (BYMA) announced CEDEARs, allowing investors to invest in crypto via exchange-traded funds.
Latin American country Argentina has taken a significant step when it comes to digital asset investment, allowing citizens to engage in new investment opportunities via a new range of revolutionary exchange-traded funds (ETFs), CEDEARs. Local investors will now have access to diversified investments with global exposure.
Under the CEDEARs program, five new instruments have made their debut, which will allow investments in gold, Bitcoin BTC $85 470 24h volatility: 0.5% Market cap: $1.70 T Vol. 24h: $37.43 B , and Ether ETH $1 886 24h volatility: 1.1% Market cap: $228.32 B Vol. 24h: $15.23 B , the main two cryptocurrencies, along with exposure to the Chinese market or betting against the Wall Street S&P 500 through using its main companies.
Notably, Argentine investors will be able to gain exposure to leading Bitcoin ETF IBIT and prominent Ethereum ETF ETHA. The products will allow investors to participate in the crypto market without the hassle of managing their digital wallets and private keys, which can be complex for people who don’t have enough technical knowledge about crypto.
Argentine Stock Exchanges and Markets (BYMA), together with Banco Comafi, a mid-sized universal bank in Argentina, debuted CEDEARs with the goal of “raising Argentina to the standards of the most developed international markets.” Roberto E. Silva, president of Argentina’s National Securities Commission (CNV), welcomed the new investment options.
It is important to note that the adoption of cryptocurrencies and stablecoins in Argentina and the entire Latin American region has surged significantly. Argentina is facing a worse case of currency devaluation, with the Argentine peso from massive highs in December 2011 to all-time lows. At the time of writing, 1 USD is worth around 1013.50 Argentine pesos.
With the devaluing currency, the people of Argentina turned to Bitcoin (BTC) and cryptocurrencies, seeing them as a store of value and preserving their net worth. Interestingly, the producer agent at the CNV, Roberto Del Giudice, claimed that these products were increasingly anticipated by the regional markets.
“This movement reinforces the perspective of a more favorable regulatory environment for cryptocurrencies, which increases their legitimacy in traditional markets,” Del Giudice further added.
Bitcoin and Crypto Push Through $3.68T
In the past 24 hours, Bitcoin (BTC) made a new all-time high of $103,900.47, breaking through a monumental psychological hurdle and claiming the $2 trillion market capitalization. Further, the trading volume of the digital asset also rose a whopping 131% to $138.06 billion, indicating increased demand from investors. Additionally, on December 4, spot BTC ETFs recorded $556.82 million in total inflows, contributing to the surge in Bitcoin’s price.
Meanwhile, the United States president-elect, Donald Trump, announced Paul Atkins as the new chair of the Securities and Exchange Commission (SEC), establishing the trio of Atkins and SEC commissioners Mark Uyeda and Hester Peirce. With Bitcoin’s global adoption rising and increasing institutional demand for crypto exposure, investors anticipate approval of additional crypto ETFs, particularly for leading altcoins.
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