Samsung to launch Bitcoin ETF in Hong Kong

    With the Cryptocurrency ledger and digital currency trade increasing at a excessive price, main names in know-how are taking an curiosity, together with South Korean electronics big Samsung, which has not too long ago introduced the launch of a Bitcoin (BTC) exchange-traded fund (ETF) in Hong Kong.

    Particularly, Samsung stated that the itemizing of the ‘Samsung Bitcoin Futures Active ETF’ on the Hong Kong inventory market would happen on January 13, based on the report by the Korean media outlet Fortune Korea printed on January 12.

    The itemizing might be carried out by the corporate’s funding department Samsung Asset Administration and follows the launch of two different ETFs by the electronics firm – ‘Samsung Blockchain Technology ETF’ and ‘Samsung Asia Pacific Metabus ETF,’ which had been listed earlier final yr.

    The newly-listed ETF will hold monitor of the spot value of Bitcoin by investing in Bitcoin futures merchandise listed on the Chicago Mercantile Trade (CME), with a particular give attention to the CME Bitcoin Futures and CME Micro-Bitcoin Futures.

    Commenting on the event, Park Seong-jin, the pinnacle of Samsung Asset Administration Hong Kong, stated that:

    “The Samsung Bitcoin ETF is a competitive product that reflects the know-how and risk management experience of Samsung’s long-term operation of the futures-based ETFs, which will represent a new option for investors interested in Bitcoin.”

    Curiosity in crypto

    In the interim, Samsung is well-known for its curiosity in Web3 applied sciences. As early as 2019, the electronics big featured a crypto pockets app inside its flagship smartphone Samsung Galaxy S10, facilitating the safe storage of personal keys and crypto holdings administration by way of hardware-based mechanisms.

    In October 2022, it introduced a “private blockchain” safety system for its sensible gadgets known as Knox Matrix, which goals to boost the protection of a multiple-device setting by having every sensible system monitor the exercise of others and share entry information, bettering the logging-in course of.

    What’s extra, earlier in June, Brokers reported on the South Korean firm starting the manufacturing of the environment friendly and energy-saving 3nm chips, that are suitable with particular built-in circuits (ASICs) machines recognized to be efficient for proof-of-work Bitcoin (BTC), its first buyer being a Chinese language ASIC producer PanSemi.

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