Korea Investment Trust Management (KITMC) plans to launch a Bitcoin Exchange Traded Fund (ETF) on the Korean Stock Exchange, Chosunbiz and FinanceMagnates have reported.
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The ETF is currently waiting on approval from South Korea’s equivalent to the Securities Exchange Commission, the Financial Supervisory Service. KITMC’s fund isn’t alone in waiting for approval from a financial regulator.BitStarz Mobile App – Best Crypto Gaming on Your Phone
The Winklevoss Bitcoin Trust, which is planned for trading on the NASDAQ, is also awaiting regulatory approval. Bitcoin Investment Trust (OTCQX: GBTC), which recently welcomed Xapo as a custodian, is similarly awaiting better regulation and approval before getting off OTC Markets and onto a regulated exchange.BitStarz Mobile App – Best Crypto Gaming on Your Phone
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The KITMC ETF is reportedly planning to track Bitcoin prices from Korbit, South Korea’s first Bitcoin to Won exchange.BitStarz Mobile App – Best Crypto Gaming on Your Phone
Korbit received $3 million in their Series A funding round last year, increasing an already strong hold on South Korea. The exchange, which touts 30,000 users and 1,500 merchants, has offerings ranging from a cryptographic proof-of-reserves to a Bitcoin payment processor used by Nescafe.
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According to Korea Investment Holdings, KITMC manages over $20 billion in assets with over 30 years of experience managing funds. KITMC plans to launch the Bitcoin ETF in 2016.
