Ethereum ETFs: Canada Approves Three Ahead Of EIP1559

Canadian regulators have approved three Ethereum Exchange Traded Funds (ETFs) in one day, ahead of the widely anticipated EIP1559 upgrade, which is likely to see the Ether token become deflationary, as part of the network fee is slated to be burned. The ETFs approved are from CI Global Asset Management, Purpose Investments and Evolve ETFs – first Canadian ETFs of their kind.

When it comes to cryptocurrency ETFs, Canada is far ahead of it’s neighbor. The US is yet to approve even a Bitcoin ETF so far, something Canada has had for a while now and now the great white north is moving with three Ethereum ETFs. ETFs allow institutional exposure to these assets, while allowing them to remain under the bounds of the traditional finance.

ethereum canada etfs
Ethereum (ETH) Price 11 APR/17 APR – CoinGecko

Ether price has been on the rise over the past week, having risen 35.9% with the Berlin hard-fork and a plethora of developments at an all time high. This is expected to improve further with the introduction of ETFs, which are likely to have a positive effect on the price.

These ETFs will be available on Toronto’s stock exchange (TSX) by 20 Apr. Ethereum has been gaining a lot of interest from institutional investors and corporate entities lately, as the world’s second largest cryptocurrency by market capitalization is revolutionizing the blockchain industry and changing their perception of what’s possible with the crypto technology. And Ethereum 2.0 is coming.

About Ethereum 2.0

Ethereum 2.0 is the next big upgrade for the Ethereum network. It will bring Proof of Stake (POS), eWASM and sharding. It will reduce the resources, required to run the Ethereum network, as well as bring scalability and performance improvements.

The Eth2 upgrade will be implemented in three phases, with the first Phase 0 Beacon Chain, expected by the end of Q2 2020, which will introduce the staking facility. This will be followed by the Phase 1 in Q1 2021, which will introduce sharding and allow data to be stored on shards, however transactions can’t still be processed.

The Phase 2 will make the Ethereum 2.0 truly complete and the network operational, after its introduction at some point in 2022. It will bring the Ethereum WebAssembly (eWASM) replacing the now operational Ethereum Virtual Machine (EVM). Only after the Phase 2 has been rolled out, proper execution of smart contracts and transactions can commence on the new Eth2 chain. The Eth1 and Eth2 chain will gradually merge with each other.

ethereum canada etfs
ethereum canada etfs© Cryptoticker

The post Ethereum ETFs: Canada Approves Three Ahead Of EIP1559 appeared first on CryptoTicker.

scroll to top