Coinbase Joins Race For A Crypto ETF

Coinbase has thrown its hat in the ring to launch a cryptocurrency exchange-traded fund (ETF) and has approached BlackRock for help, according to unnamed sources interviewed by Business Insider. BlackRock, which manages $6 trillion in assets, has pioneered ETFs and has a blockchain working group.

Coinbase, which announced a cryptocurrency index fund for accredited investors in March, joins VanEck, Bitwise Asset Management and Gemini in bidding to introduce the first crypto ETF. The Securities and Exchange Commission recently rejected nine bitcoin ETF proposals.

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A Coinbase ETF would monitor different cryptocurrencies, according to one source who claimed to be familiar with the matter.

BlackRock, which launched its blockchain working group in 2015, has claimed it has no interest in issuing crypto funds. Larry Fink, BlackRock CEO, said the company’s clients have shown no interest in digital currencies and have referred to bitcoin as a money laundering index.

BlackRock created its blockchain working group with the goal of determining blockchain applications in financial services, according to an unnamed source. The working group has employees involved in the company’s multiple businesses.

Reference: https://www.ccn.com/coinbase-joins-race-for-a-crypto-etf-seeks-help-from-blackrock/

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