San Francisco-based virtual currency exchange Coinbase is considering a foray into the cryptocurrency exchange-traded fund (ETF) space, Business Insider reported on Thursday. The news coincided with a pro-crypto appointment at the US Securities and Exchange Commission (SEC), raising market hopes that the regulator may soon change its tune of rejecting crypto ETF proposals.
Coinbase’s planned crypto ETF is reportedly aimed to allow retail investors to gain access to volatile crypto markets. If approved, the fund will track several cryptocurrencies along with Bitcoin (BTC), Business Insider revealed.
According to anonymous sources cited by the publication, Coinbase has held conversations with investment management giant BlackRock, seeking its expertise in the ETF field. The $6 trillion asset manager, well-known for its iShares division, set up its blockchain division in 2015 with the aim to i...
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