Samsung asset management is set to launch a Blockchain exchange-traded fund (ETF) as per reports. The plan to launch is before the first half of 2022 ends.

Globally known for its electronic products like mobile phones, cameras, and televisions— the company is largely known in South Korea for its services like insurance, investment banking, and other banking services. The Samsung Asset Management Company (SAMC), a subsidiary of the Samsung Group has reportedly set plans and deadlines to launch an ETF based on blockchain, on the Hong Kong stock exchange

The SAMC acquired a 20% stake in Amplify Holding Company, a U.S. ETF sponsor for $30 million. The Samsung group now has exclusive rights to introduce Amplify products in Asian markets.

Known for its various ETF sponsorships like BLOK ETF, or Amplify Transformational Data Sharing — Amplify Holdings plans to invest 80% of its net assets in equity securities of blockchain companies. The asset manager of the to-be-listed ETF on the Hong Kong exchange will have a similar approach to BLOK.

The US-based company has invested in blockchain-related investment companies like Galaxy digital holdings, Silvergate capital, cryptocurrency service provider Coinbase, and graphic card maker Nvidia.

The SAMC wants to launch the ETF under its name and does not plan to list it on the South Korean stock market. The decision comes after considering cryptocurrency regulations in South Korea. However, the Korean banking to electronics conglomerate plans to launch Amplify’s other ETFs on the KRX and other stock exchanges globally.


Comments are closed.

Copy link
Powered by Social Snap