As of recently, Coinbase’s efforts towards launching a cryptocurrency exchange-traded fund (ETF) have become more serious. One of the largest exchanges out there has approached BlackRock for help, according to an unnamed source that was interviewed by Business Insider.
Meanwhile, BlackRock is known for managing $6 trillion in assets – and as an organization that pioneered ETFs with an active blockchain working group. On the other hand, Coinbase joins VanEck, Bitwise Asset Management and Gemini in bidding to introduce the first crypto ETF.
If you haven’t been following the latest news around Bitcoin ETFs, you should know that the Securities and Exchange Commission recently rejected nine different Bitcoin ETF proposals. However, the Coinbase ETF claims to be different from these in the way that it monitors different cryptocurrencies – according to one source who claimed to be familiar with the subject matter.
So far, BlackRock has had no interest in digital currencies or the issuance of crypto funds. The company was created with the goal to determine blockchain applications in financial services, as one unnamed source says. As such, BlackRock’s blockchain experts offered no recommendations to Coinbase and it is uncertain how extensive the conversations between the two companies have been.
The appointment of Elad Roisman to the SEC has given some hope to analysts that SEC may soon approve a Bitcoin ETF – mostly because of Roisman’s positive stance towards (regulating) cryptocurrencies.
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