Crypto Market News: Less than a year after launching a spot Bitcoin private trust, Blackrock, the world’s largest assets manager, is making moves in the direction of filing for a Bitcoin Exchange Traded Fund (ETF), Reuters reported on Thursday. As and when the Bitcoin Bitcoin ETF will be launched, it will prove to be a massive move in terms of mainstream crypto market adoption. The asset manager’s initiative comes at a time when the United States regulators are increasingly taking enforcement against crypto businesses.
Also Read: Will Ethereum Price Crash to $1,450? ETH DeFi TVL Shrinks by $7.84B in One Year
In the third quarter of 2022, the asset manager stitched a partnership with US based crypto exchange Coinbase, which has recently been dragged into a legal tussle by the US Securities and Exchange Commission (SEC). In the latest initiative, Blackrock is extending the deal for its Bitcoin ETF plans.
What BlackRock Bitcoin ETF Will Mean For Financial Markets
Blackrock enjoys widespread influence across all sectors and around the globe, like no other asset manager. This will likely put the BlackRock Bitcoin ETF initiative at a crucial place in terms of taking the crypto adoption to the next level, which needs global level support from various governments. Hence, the ETF plan should be working strategically well for the crypto market growth.
The Blackrock ETF will be using Coinbase Custody and the exchange’s spot market data, the report said.
“Blackrock will be using Coinbase Custody, an offline storage solution for digital assets, for the ETF, and the crypto exchange’s spot market data for pricing.”
Also Read: European Central Bank (ECB) Repeats Interest Rate Decision, Bitcoin Price Sees Relief
AD
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
