BlackRock is one of the pioneers in the ETF market and a heavyweight in global finance. The company manages more than $ 6 trillion worth of assets. Since the development of the crypto market did not leave BlackRock without a trace, the company also has its own blockchain department.
As Business Insider reports, Coinbase is working on its own crypto ETF and wants to get support from BlackRock.
As it is now known, Coinbase came to BlackRock and wants to use the expertise to get help for a new crypto ETF. In addition to Bitcoin, the financial product should also be tied to the price of other crypto currencies.
In the past, several companies in the US have tried to get a crypto ETF approved, including Gemini and Bitwise Asset Management. So far, however, all ETFs have been rejected by the US Securities and Exchange Commission (SEC). That’s why Coinbase is getting help from experts in the field.
A crypto ETF is so in demand because it would allow investors to trade cryptocurrencies without actually having cryptocurrencies. So far, financial companies have not yet processes to keep the crypto credits really safe, so currently scared many back, even if there are now service providers for the crypto custody (custody).
Crypto investors are hoping that an ETF would once again bring new money to the market and thus increase prices again.
If you do not have Bitcoins yet, you can buy the cryptocurrency from Coinbase ($ 10 free start credit).
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Post source: Coinbase and BlackRock work on their own Bitcoin ETF