Coinbase Considers Launching Bitcoin-Backed ETF With the help of Wall Street Giant BlackRock
San Francisco-based cryptocurrency exchange Coinbase is looking to create a cryptocurrency-based exchange-traded fund (ETF) with the help of the Wall Street investment management giant BlackRock.
According to a Business Insider report, the firm in recent weeks has held conversations with members of BlackRock’s blockchain working group to tap into the firm’s expertise at launching exchange-traded products.
Business Insider’s source claims that BlackRock didn’t give Coinbase any “concrete recommendations” and it is unclear if the two firms will together pursue a cryptocurrency ETF.
Coinbase’s planned crypto ETF is aimed to allow retail investors to gain access to volatile crypto markets. If approved, the fund will track several cryptocurrencies along with Bitcoin (BTC).
All eyes are on the U.S. Securities and Exchange Commission (SEC), waiting to see if the chief U.S. securities regulator will approve or deny Bitcoin ETF proposals from a handful of investment firms.
Coinbase seemingly doesn’t want to miss out on the buzz or let their competitors get an edge, and are reportedly ready to explore a Bitcoin ETF of their own.
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