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Torus Kling Blockchain IFSC and Kling India have signed an MOU with India INX to launch India's Ethereum, and Bitcoin futures Exchange Traded Funds (ETF) and Metaverse US-listed large-capitalization discount certificates. These Bitcoin and Ethereum futures contracts will be the first crypto-based futures ETF outside the US and the first Asian discount certificates to track Metaverse large-capitalization stocks in the US and European markets.
Torus Kling Blockchain will provide liquidity to India INX through a smart ordering route. Torus Kling Blockchain is targeting to manage around USD 1 billion assets in the first two years through the customers participating in its blockchain-backed products like ETFs and discount certificates. India INX has already applied to the International Financial Services Centers Authority (IFSCA) to launch the ETFs under the Regulatory Sandbox. Exchange-traded funds allow trading through regular investment platforms, bypassing the hassle of cryptocurrency exchanges. Torus Kling Blockchain IFSC is planning to launch the ETF in the Gift city of the sandbox by the end of this financial year after getting regulatory approvals from IFSCA.
Former Reliance Capital CEO Sam Ghosh backs Torus Kling Blockchain IFSC. The company is a joint venture of Kling Trading India and Cosmea Financial Holdings.
An Exchange Traded Fund is a type of security that tracks an index, commodity, sector or any other asset which can be sold or purchased in a stock exchange in the same manner as a regular stock. An ETF can be assembled to track anything from a single commodity to an extensive collection of securities. ETFs can be designed to track and target specific investment strategies. ETFs include investments like bonds, stocks, commodities and many more.
This is not the first attempt to launch Bitcoin futures; earlier in October 2021, ProShares provided Bitcoin futures ETF BITO on NYSE, which once became the most traded ETF. The global derivatives for the cryptocurrency market have reached USD 3.2 trillion. In India only, the ETF assets under management have reached Rs 2.9 lakh crore during FY21.