The Ontario Securities Commission, a major security regulatory authority in Canada, has approved the launch of the Purpose Bitcoin ETF on February 12, 2021, thus providing investors with more opportunities to use cryptocurrency.

Purpose Investments Inc., based in Toronto, said: “This ETF will become the world’s first fund to directly invest in physically settled Bitcoin rather than derivatives, thereby enabling investors to easily and efficiently utilize the emerging cryptocurrency asset class."

Som Seif, CEO and founder of Purpose Investments, stated that holding Bitcoin involves risks, such as losing storage keys and passwords or even corrupting transactions. However, the ETF eliminates these risks.

With Canada launching the first Bitcoin ETF in North America, many expect the United States to follow suit.

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