India's first crypto ETF to be launched by ex RCap CEO's blockchain firm

Aims $1 billion in assets under management by two years; will track large cap metaverse stocks too

Torus Kling Blockchain IFSC, a company backed by former Reliance Capital CEO Sam Ghosh, said on Thursday that it will launch India’s first crypto exchange-traded fund (ETF) by the end of the current financial year. It aims to clock $1 billion of assets under management (AUM) within two years and will also track large-cap metaverse stocks in US and Europe markets.

Torus Kling Blockchain IFSC is a 50:50 joint venture between Sam Ghosh-promoted Cosmea Financial Holdings (CFH) and Kling Trading India. This bitcoin and ethereum Futures ETF will be the first crypto-backed futures ETF outside of the US.

The ETF will be launched under a sandbox construct of IFSCA (International Financial Services Centres Authority) and Torus will be the liquidity provider. The product will be distributed through Torus global distribution team and partners.  

“This 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.

“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,”  said V Balasubramaniam, Managing Director & CEO, India INX.

“We will be launching products  in these new age assets in compliance with the prevailing laws after receiving all required post  regulatory approvals”, he added.