The post Innovative ESG Bitcoin ETF filed by 7RCC with Gemini’s support appeared on BitcoinEthereumNews.com.

In a significant development for environmentally-conscious investors, 7RCC Global has filed an application with the U.S. Securities and Exchange Commission (SEC) for a unique Exchange Traded Fund (ETF). The proposed ETF, named the 7RCC Spot Bitcoin and Carbon Credit Futures ETF, is set to blend cryptocurrency and environmental interests, comprising 80% Bitcoin and 20% carbon credits futures. This pioneering move marks the first instance of an ETF combining digital assets with an environmental focus. Gemini appointed custodian for innovative ESG ETF The creation and operation of this ETF are collaborative efforts, with Tidal Financial Group playing a vital role in its development. Tidal Financial Group’s expertise in the ETF space is expected to be instrumental in the successful launch and growth of this new offering.  Additionally, Gemini, a prominent player in the digital asset space, has been appointed as the custodian for the ETF. This partnership highlights established financial institutions’ growing interest and involvement in the digital asset market. Gemini’s participation underlines the significance of supporting fund issuers in the evolving landscape of digital assets. The firm’s involvement in the ETF underscores the industry’s commitment to bridging traditional financial mechanisms with innovative digital asset solutions. 7RCC sets trend in socially responsible investing The move by 7RCC Global comes amid a competitive race among financial giants like BlackRock, Fidelity, and Ark Invest, all vying for the approval of their respective spot Bitcoin ETFs in the United States. The uniqueness of 7RCC’s ETF, with its dual focus on Bitcoin and environmental sustainability through carbon credits, sets it apart in this increasingly crowded field. Recent developments suggest a potential shift in regulatory attitudes. Ark 21Shares, BlackRock, and WisdomTree have updated their spot Bitcoin ETF filings, focusing on cash creations. This amendment, viewed by many as a strategic move to align with regulatory preferences,…

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Filed under: News - @ December 19, 2023 11:20 am