The largest US-based cryptocurrency exchange is reportedly considering adding a Bitcoin ETF to its existing suite of investment tools. The company is also purportedly seeking the expertise of the world’s largest investment management firm.
Coinbase Jumps on the Bitcoin ETF Bandwagon
The San Francisco-based cryptocurrency exchange is reportedly eyeing to create an exchange-traded fund tied to cryptocurrencies, reports Business Insider, citing sources familiar with the matter. Should this be confirmed, it would mean that Coinbase would join a handful of investment firms, all seeking the greenlight of the US Securities and Exchange Commission (SEC).
The report also says that Coinbase has held conversations with people from the blockchain working group of BlackRock Inc. – the world’s largest investment management firm, overseeing more than $6 trillion dollars.
Earlier in July, LiveBitcoinNews reported that BlackRock is exploring its options in the field of cryptocurrencies.
A Strong Contender
The topic of a Bitcoin ETF being approved by the SEC has been widely discussed in the last few months. While the commission recently hammered down the majority of the applications, the one which seems to be most anticipated is yet to be ruled on – the commodity-backed application of VanEck and SolidX.
Nevertheless, should Coinbase confirm its intentions to join the ranks, it would most likely be a formidable attempt. The company has managed to expand impressively over a fairly short time span, adding a myriad of investment tools to its kit.
Back in May, the leading US cryptocurrency exchange announced several new services geared for institutional investors. Part of it was Coinbase Custody – a secure storage solution which launched in early July.
Earlier this year, Coinbase announced an index fund for cryptocurrencies which was specifically targeting accredited investors.
What do you think of Coinbase’s reported plan to launch a Bitcoin ETF? Don’t hesitate to let us know in the comments below!
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