The Brazilian exchange, also known as B3, has launched another Bitcoin (BTC) exchange-traded fund that marks the growing adoption of the crypto industry in the country.

Brazilian asset manager QR Asset Management began trading its Bitcoin ETF using the QBTC11 token on Sao Paulo-based B3 exchange on Wednesday, Cointelegraph Brazil reported.

The listing comes months after the Brazilian Securities and Exchange Commission approved QR’s Bitcoin ETF along with another crypto-based ETF from Latin American crypto investment firm Hashdex in March. In contrast to Hashdex’s crypto ETF product, which offers diversified portfolios for multiple cryptocurrencies, QR’s ETF product offers an exclusive glimpse into Bitcoin.

QR Capital founder and CEO Fernando Carvalho says the adoption of crypto ETFs is a symbol of security as it allows investors to get exposure to Bitcoin directly on B3 without relying on Bitcoin.

“QBTC11 is an important milestone in both conventional financial markets and the digital asset industry as it is the point of convergence between the two. Investors now have a managed, affordable, and powerful option for direct exposure to the most important crypto asset in the market, Bitcoin. “

Connected: Canadian Bitcoin ETF is rapidly hitting $ 1.3 billion in assets under management as U.S. adoption slows

QR’s Bitcoin ETF isn’t the only crypto ETF listed on B3. In April, the Brazilian exchange started trading the country’s first crypto-based ETF index, Hashdex’s HASH11. HASH11 replicates the Nasdaq Crypto Index, which includes several cryptocurrencies such as Bitcoin, Ether (ETH), Stellar (XLM), Litecoin (LTC), Bitcoin Cash (BCH), Chainlink and is rebalanced quarterly.

Bitcoin ETFs are gaining in importance in many countries. Canadian asset manager 3iQ launched its Bitcoin ETF on Nasdaq Dubai on Wednesday. Canada is another big country that has grown with a BTC ETF, with 3iQ and CoinShares’ Bitcoin ETF going live on the Toronto Stock Exchange in April 2020. Despite the increasing global acceptance, the US regulators still have to approve a Bitcoin ETF and have delayed numerous regulatory decisions on such products in recent weeks.