Coinbase suggests plans for ETFs
ETFs supported by Bitcoin have been discussed throughout the cryptosphere in recent months, as investors and traders have said that a single ETF listed on the stock exchange would have re-launched the market otherwise crisis. And it seems that this discussion may continue, with those familiar with the matter that recently revealed that Coinbase has its eyes on establishing a fund focused on the stock market focused on the crypt (ETF) in an attempt to attract retail investors.
It is important to note that the planned ETF will likely monitor a variety of cryptocurrencies, not just Bitcoin, perhaps indicating that the company is continuing to look at other cryptographic resources to add to its already large ecosystem.
Although this news could be expected, while Coinbase has become famous for being the main home of innovation in the cryptosphere, insiders have revealed that the company has sought help from the Wall giant Street BlackRock to help in the creation of this vehicle, reports Business Insider.
For those unaware, BlackRock is an investment management company based in New York, but a multinational company with over $ 6.3 trillion of assets under management. As reported by Ethereum World News earlier, BlackRock suggested making a significant foray into the cryptocurrency and blockchain industry, so it would mean for Coinbase to collaborate with such a company.
Who knew well the company of cryptocurrency went on that in recent weeks Coinbase was in in contact with individuals of the division focused on the blockchain of BlackRock to "take advantage of the skills of" company "of the launch of investment products traded on the stock exchange. According to the aforementioned insiders, the representatives of the Wall Street studio blockchain branch were not able (or did not want) to give any direct advice to the San Francisco encrypted startup at this time.
As the Business Insider continued to report, it remains to be seen whether the involvement and discussion of Coinbase with BlackRock is ongoing or just a one-off event, but many optimists hope it will be the first, as a long-term relationship between the two could lead to interesting encrypted products, services and investment opportunities.
The current climate around Bitcoin ETFs is rather disputed, with the SEC recently making a series of moves to deny and delay a multitude of ETF proposals from a range of companies, regardless from the fact that these companies come from the background encryption focused on the market or legacy.
But as Ethereum World News said, the CEO of the encrypted startup Abra has recently stated that the SEC's denial verdict is somewhat valid, since the questions the ETF does not "hear, smell" or they look "the part of a traditional financial institution. So the fact that Coinbase could potentially work with BlackRock, an evidently well-established financial institution, could signal that an ETF application generated by a collaborative effort between the two companies could see regulatory approval in the near future. .
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