Aidos Kuneen (ADK), a Tangle-based cryptocurrency is planning on offering itself as an exchange traded fund (ETF) in Kenya, Ricardo Badoer, the founder of the digital currency has revealed.
This positions Aidos Kuneen among first crypto-based exchange traded funds globally. Most cryptos that have applied for listing are yet to be approved. It’s up to authorities in respective countries to determine which crypto will be the first.
The most-awaited ETF decision by the US Securities and Exchange Commission (SEC) is expected by February 2019.
According to ITWeb Africa, ADK ETF will be listed on the Nairobi Securities Exchange (NSE) by the end of the first quarter of 2019.
According to analysts, an ETFs could help cryptocurrencies get easily adopted and attract more investors to invest in them.
By listing cryptocurrencies, it will show to the public that they’ve now been approved by authorities, increasing public trust in the currencies that continue to get scathing criticism.
“It is a major step that will open the world of crypto to mainstream investors who have been cautious or stayed away from digital currencies based on the fear of its complicated tech,” Badoer said, according to ITWeb Africa. “Now, they can invest in the crypto world without the need to understand or handle the tech.”
Badoer recently bought shares in banks in Kenya and Tanzania – 16% shares in Sumac Bank in Kenya and 23% in Hakika Bank. He says the choice of Kenya for the ETF seems pertinent since he is already involved in the country’s banking sector.
“By owning 16% of Sumac Microfinance Bank, it just was natural to a
ADK is an open source project that focuses on privacy, decentralization
Badoer believes a trustless tech like ADK that is fully connected with a banking network is missing in the crypto world.