Torus Kling Blockchain to launch India’s first cryptocurrency, Ethereum ETF

cnbctv18.com:

Torus Kling Blockchain IFSC, a 50:50 joint venture between Cosmea Financial Holdings (CFH) and Kling Trading India, has inked an agreement with India INX to launch the first ethereum and bitcoin futures exchange-traded fund (ETF) in India.Torus Kling Blockchain is targeting $1 billion in assets under management (AUM) in the first two years from customers participating in blockchain-backed products through ETFs, and discount certificates tracking the metaverse-related large-cap stocks in the US and European markets. Discount certificates are debentures that can be used to buy an underlying security at a discount to the current market price.

These instruments have pre-fixed price caps, and this limits potential upside.Torus Kling Blockchain IFSC plans to launch the ETF in Gift City by the end of the financial year, subject to IFSCA and other regulatory approvals.Also read: Elon Musk stokes Dogecoin once more, says Tesla merchandise can be bought with the memecoinCosmea, established in 2020, is a financial services startup promoted by former Reliance Capital CEO Sam Ghosh, while Kling Trading India is an SaaS cloud services company that provides services in treasury, risk, trade finance using AI and Machine Learning. India INX is India's first international exchange in International Financial Services Centre (IFSC).

The deal will make it the first crypto-backed futures ETF outside the US.The deal dictates the various roles the entities involved with ETF will be playing. Cosmea will oversee distribution, and Kling will be the technological partner.

INX India will be the exclusive trading platform for the crypto-backed ETF. Torus Kling blockchain will provide liquidity to India INX through smart order routing.“New asset class