Firms ink MoU to launch Bitcoin, Ethereum Futures ETF

An equal joint venture between Cosmea Financial Holdings and Hyderabad-based Blockchain start-up Kling Trading India has entered into a memorandum of understanding with India INX to launch Bitcoin and Ethereum Futures ETF and Metaverse US listed Large-cap Discount Certificates.

The Bitcoin and Ethereum Futures ETF will be the first crypto-backed futures ETF outside the U.S. and the first Asian Discount certificates tracking Metaverse Large Cap stocks in US and Europe markets, said Torus Kling Blockchain IFSC, the joint venture firm, on Thursday in a release.

While India INX is the country’s first international exchange at the International Financial services (IFSC) located at GIFT City, Cosmea Financial Holdings is a financial services start-up promoted by ex-Reliance Capital CEO Sam Ghosh.

The ETF Futures will be launched under a Sandbox construct of IFSCA. Torus Kling Blockchain said it will be the liquidity provider to India INX by providing round-the-clock deep liquidity with smart order routing.

The product will be distributed through Torus global distribution team and partners. Torus Kling Blockchain is targeting $1 billion assets under management (AUM) in the first two years from customers participating in blockchain backed products through ETFs and Discount certificates.

Torus Kling Blockchain IFSC plans to launch the ETF by the end of this fiscal, subject to IFSCA and other regulatory approvals.