Tuesday, January 18, 2022
BusinessHyd startup Kling Trading, Cosmea JV launches India’s first crypto-backed futures ETFs

Hyd startup Kling Trading, Cosmea JV launches India’s first crypto-backed futures ETFs

Published: 13th Jan 2022 3:40 pm

Hyderabad: Hyderabad-based blockchain startup Kling Trading India and Cosmea Financial Holdings’ joint venture Torus Kling Blockchain IFSC on Thursday has signed an MoU with India INX to launch India’s first Bitcoin and Ethereum Futures ETFs and Metaverse US listed Large-cap Discount Certificates.

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“This Bitcoin / Ethereum Futures / ETFs will be the first crypto backed futures ETF outside of the US and the first Asian Discount certificates tracking Metaverse Large Cap stocks in US and Europe markets. The ETF Futures will be launched under a Sandbox construct of IFSCA,” a press release said.

Torus Kling Blockchain will be the liquidity provider to India INX by providing round the clock deep liquidity with smart order routing. The product will be distributed through Torus global distribution team and partners. The JV is targeting $1 billion (AUM) in the first two years from customers interested in participating in blockchain backed products through ETF’s and Discount certificates.

“India INX at GIFT IFSC is looking at exploring the launch of Digital Asset based products and has already made an application to IFSCA under the Regulatory Sandbox. This is a part of our product innovation initiative to benchmark offerings with other international finance centers. We will be launching products in these new age assets incompliance with the prevailing laws after receiving all required post regulatory approvals” said V Balasubramaniam, managing director and CEO, India INX.

“New Asset class is the tip of the iceberg. Exchange trade products allow trading through regular investment accounts, bypassing the hassle and security concerns of CryptoCurrency Exchanges,” said Krishna Mohan Meenavalli, CEO, Torus Kling Blockchain IFSC.

Torus Kling Blockchain IFSC plans to launch the ETF by the end of this fiscal, subject to regulatory approval.

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