Galaxy Digital, a financial services and investment management innovator in the digital asset, crypto, and blockchain, partners with the largest private asset manager in Latin America, Itaú Asset today to launch Bitcoin ETF in Brazil . They made an announcement to come to develop a comprehensive suite of Brazilian-listed, physically backed, digital asset exchange-traded funds. The plan is to bring a all-inclusive lineup of physically supported cryptocurrency ETFs in Brazil.

Steve Kurz, the Galaxy Digital’s global head of asset management said, “As the crypto market develops institutionally, there is a big role for blue-chip firms like Galaxy to act as a partner to large institutions that have deep client bases yet lack the in-house expertise that’s necessary to build and create high-quality crypto products.”

As part of Itaú Asset’s broader ETF suite, the first ETF of this new partnership, the IT Now Bloomberg Galaxy Bitcoin ETF (BITI11), will start trading at the market’s open on November 10, 2022, on the B3 Stock Exchange.

The first product of the suit will expose investors to Bitcoin, the largest cryptocurrency by market cap. Galaxy and Itaú Asset objective is to expand the suite with time and to include other diversified strategies in the digital asset space.

The head of the strategy at Itaú Asset, Renato Eid Tucci said, “We aim to offer the best solutions to our clients to meet their investment needs in a diversified way and with an international scope. This partnership combines the solidity and credibility that we have built over more than 60 years at Itaú Asset with the strength and expertise of Galaxy as one of the most experienced players in the global digital asset space.”

“We are thrilled to partner with Itaú Asset to bring institutional grade crypto ETF products to the Brazilian market,” Our shared mission is to satisfy the strong demand in the region for high-quality education and access to the growing crypto economy,” said Steve Kurz, Global Head of Asset Management at Galaxy. 

Amid the ongoing fluctuations in the crypto ETF space, Itaú Unibanco’s partnership with Galaxy comes.  Already, three Australian crypto exchange-traded funds intend to delist their offerings amid a slump in asset prices as reported last week.

This followed an October report mentioning how Hong Kong regulators have outlined the basic requirements that exchange-traded fund managers should meet to list crypto products, including ETFs, in the city.

Galaxy Digital is one of the crypto exchange companies that has disclosed exposure to FTX amid the crypto exchange’s ongoing crisis.