Originally published on: August 06, 2024
Valour, a leader in the crypto fund industry, has joined forces with the Nairobi Securities Exchange (NSE) and SovFi, a financial instrument issuance platform, to introduce and trade digital asset exchange-traded products (ETPs) on the NSE in Kenya.
This collaboration will see the introduction of Bitcoin (BTC), Ether (ETH), Solana (SOL), and Hedera (HBAR) ETPs by Valour and its affiliates, marking a significant milestone for digital asset offerings on the NSE. The ETPs will be “passported” to the NSE, leveraging a concept that allows recognition throughout the European Economic Area.
Olivier Roussy Newton, the CEO of Valour’s parent company DeFi Technologies, expressed excitement about the partnership, emphasizing the potential benefits for investors in Kenya and beyond. DeFi Technologies, a Canada-based entity traded on CBOE Canada, has been making significant strides in the crypto space, including launching a validator node on the Core Chain earlier this year.
With a track record of issuing 33 ETPs on European exchanges, Valour is well-positioned to lead the way in the Kenyan market. The company recently introduced the first Near Protocol (NEAR) ETP on the Swedish Spotlight Stock Market, further showcasing its commitment to expanding its offerings globally.
The move comes at a time when Kenya is gearing up to regulate digital assets, with discussions on standalone legislation and frameworks for monitoring and regulating cryptocurrencies gaining momentum. Interest in Web3 technologies is on the rise in Kenya, as evidenced by recent partnerships to launch blockchain and Web3 hubs in the region.
While Kenya has shown openness to innovative technologies like blockchain, the country also maintains a cautious approach, as seen in its decision to suspend the introduction of Worldcoin. However, with the recent reinstatement of Worldcoin following discussions with regulatory authorities, Kenya continues to navigate the evolving landscape of digital assets and blockchain technology.
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