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Coinbase to step into the Bitcoin ETF arena with the help of Blackrock

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Coinbase to step into the Bitcoin ETF arena with the help of Blackrock
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Coinbase, one of the leading cryptocurrency exchange platform in the world, is looking into launching their own Bitcoin ETF along with the help of BlackRock, according to Business Insider. 

The exchange platform had a meeting with individuals working with the BlackRock’s blockchain group, according to reports. This is because the firm is considered to be an expert when it comes to launching an exchange-traded product. 

BlackRock is one of the early firms to step into the ETF market and is well-known for its iShares division. The company set up its blockchain division in the year 2015 with the aim to identify various applications of blockchain technology in the financial services industry, as stated in the report. 

It is unclear whether BlackRock has agreed to work alongside Coinbase. However, the CEO of BlackRock, Larry Fink has reportedly stated that the firm’s clients have absolutely no interest in the cryptocurrency market and referred to Bitcoin as an “index of money laundering”. Moreover, the Coinbase ETF will track several cryptocurrencies along with Bitcoin, reportedly. 

Lobotomise4sale, a Redditor said:

“Very excited to see wall street get absolutely rekt on their “crypto” investments while bitcoin continues to eat their lunch.”

btc-reddit said:

“What makes Coinbase think it can succeed here ? Something else is afoot.”

Meme_Pope, another Redditor said:

” These Bitcoin ETF’s are being rejected for problems that they see as endemic to Bitcoin. This one will be rejected for the same reasons. This fixation with ETF approval is bad for Bitcoin. It’s not happening any time soon and each rejection sets back the price and damages Bitcoin’s reputation.”

Whatsoncrypto said:

“I am very curious how this will turn out. Surely sec would kick coinbase out of the circle but with Vaneck it has sliiiiiiight potential for sec to turn and say hello by shaking head lol.”

Recently, Gemini, another leading cryptocurrency exchange platform had proposed for a rule change for Bitcoin ETF with the US Exchange and Securities Commission. However, the proposed ETF was rejected by the SEC twice. The main reason stated by the Commission was that the Bitcoin [BTC] market was prone to manipulation and that the approval of a proposed rule change required the exchange platform to enter into a surveillance sharing agreement in order to detect and prevent fraud and manipulation.



Moreover, the SEC rejected 9 Bitcoin ETFs last month stating the same reason. However, the commission reverted their statement the following day. They also postponed the most awaited Cboe VanEck Bitcoin ETF to the end of September 2018 stating that they required more time to look into the proposal made by the platform.

The news comes in the limelight when Bitcoin [BTC] plunged back to the bear’s grip. According to CoinMarketCap, at press time, the BTC is currently trading at $6,457.74 with a market cap of $111.41 billion. It has seen a significant dip of 7.06 % in the past 24 hours.





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Bitcoin

Craig Wright withdraws evidence, US Presidential Candidate emphasizes on crypto-regulation and more

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Craig Wright withdraws evidence, US Presidential Candidate emphasizes on crypto-regulation and more
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Daily Crypto News – April 18

Craig Wright withdraws email evidence: The self-proclaimed Satoshi Nakamoto withdrew the email evidence submitted to the court with regard to Kleiman case. This news comes days after some members in the community suggested that the email evidence was “fake”. Notably, the evidence was withdrawn as Wright could not verify the timeframe of when the emails were exchanged.

To know more, click here!

US 2020 Presidential Candidate urges the need for cryptocurrency regulation: Andrew Yang, the United States 2020 Democratic Presidential candidate, released a new policy, which emphasized on the need for regulating the digital asset place, and also listed the actions he would do for the cryptocurrency market as the President. On his official Twitter handle, Yang stated that, “Investment in cryptocurrencies and digital assets has far outpaced our regulatory frameworks”.

To read more, click here!

Bitcoin SV network witnesses yet another blockchain reorganization: It was reported that Bitcoin SV’s network witnessed another blockchain reorganization on a 128 MB block, with over six blocks orphaned [#578640–578645]. Moreover, Bitcoin SV’s network was unresponsive for over an hour.

To read more, click here!



Craig Wright takes on evidence and law: In a recent blog post, Wright speaks about proving to be the creator of Bitcoin, Satoshi Nakamoto. He stated that, “the important thing to understand is: law is law. Code (programs and algorithms) in any form is merely evidence… You see, ownership of the key is not proof of anything other than the possession of a key”

To read more, click here!





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