Coinbase is planning to create a new crypto exchange-traded fund (ETF) and has called Wall Street investment firm BlackRock for help. Coinbase basically wants to be the top star of crypto just like Facebook. As it seems to follow the direction of a Bitcoin exchange-traded fund (ETF) to its arsenal.
Specifying nameless sources, Business Insider’s Frank Chaparro stated that coinbase has approached the world’s largest global investment management firm, BlackRock Inc for guidance on how to go about creating a crypto ETF for retail investors. In July, the news broke out that their is a blockchain working group within Blackrock, who manages the popular iShares line of ETFs.
However, we have to wait and watch whether U.S. Securities and Exchange Commission (SEC) chief will accept or oppose the Bitcoin ETF proposals from a handful of investment firms. Bakkt and a Coinbase Crypto ETF should push it into play sooner rather than later.
Business Insider’s Paywall was the first to break this story. With Coinbase hover to consider a Bitcoin ETF of its own, things are getting a bit interesting in the race to cash in on this. Meanwhile the launch of Bakkt and Ethereum Futures could give crypto a late-year surge or rally in terms of Bitcoin prices.
After Goldman Sach withdrawing Bitcoin (BTC) trading plan, the market had to bare a heavy loss as it went down 18% after this news broke out. It is reported that Cboe Global Markets, Chicago Board Options Exchange (CBOE) plans to launch an Ethereum futures contract before the end of 2018. Even though the Bitcoin (BTC) has fallen up to 80% since hitting the highest in January, but crypto is still shining brighter even between the clouds of regulation, bans and bad repute. Young people in particular seem more passionate about crypto than Wall Street, knowing how the game is mutilated against them.
The proposed launch would bring cryptocurrencies closer to the mainstream, which will allow the traders to choose between bitcoin futures, launched by CME and CBOE. Ethereum which is the second most popular member of this esoteric asset class. For Ethereum it is a good sight and this deal will bring a lot to ETH traders. As it is set to launch at the end of this year, it will be a good time for the investors to invest in ethereum watching the market position of ethereum at that time.
As the market is recovering from its recent dip, it is a good news for crypto lovers as the market starts to settle down and a good deal between ETH and CBOE features in future. I think it’s fair to say most analysts expect a Bitcoin price rally of some kind. If this occurs around the same time as Ethereum Futures hits the markets with CBOE, then we could be talking about crypto market again, especially Bitcoin (BTC) and Ehtereum (ETH) within the next 60 days.