Co-Founder of South Africa’s Crypto Index Fund Reveals Plan to Launch Country’s First Bitcoin ETF – Finance Bitcoin News

Earle Loxton, the co-founder of EC10 (formerly DCX Capital), the institution behind the South African crypto index fund, says there are plans to launch the country’s first exchange-traded fund (ETF). The ETF is expected to provide South African institutional investors with an indirect way to gain exposure to bitcoin.

According to Loxton, an application for this ETF will be filed with the Johannesburg Stock Exchange (JSE) shortly. However, Loxton also reveals in a podcast that EC10, along with Easy Equities, will initially prioritize finding a suitable custodian for its crypto assets before proceeding with the application. Loxton explained:

To reach the level where we meet the requirements of a publicly traded instrument, we definitely need the services of a dedicated, regulated and registered custodian.

Therefore, Easy Equities, which acquired the majority stake in DCX Capital in 2020, will help secure a custodian’s services as part of an agreement. This custodian will securely store some of the ten crypto assets that make up the EC10 index.

Meanwhile, during the podcast, Loxton also took time to explain the decision to increase EC10’s management costs from 1% to 2%. To justify the increase in fees, the fund’s co-founder said:

“At 1% to be absolutely honest with you, we would never make a profit at 1% if we grew at that rate.”

Loxton also adds that because the company, which now has $ 27 million in assets under management, got off to a slow start, it made sense to increase the fee. The EC10 index fund.

Do you believe the JSE is now ready to approve a crypto ETF? Tell us what you think in the comments section below.

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