Coinbase, the operator of one of the largest cryptocurrency exchanges, is considering trying its hand at bitcoin ETFs, an asset U.S. regulators have yet to approve.
“Citing unnamed sources, Business Insider’s Frank Chaparro reported today that Coinbase had contacted BlackRock for advice on how to go about creating a crypto ETF for retail investors. In July, the Financial News reported on the existence of a crypto/blockchain working group within BlackRock, the New York-based investment giant who manages the popular iShares line of ETFs,” according to Bitsonline.
Last month, nine Bitcoin-based exchange-traded fund (ETF) applications got the thumbs down from the Securities and Exchange Commission on Wednesday, preventing the digital currency from gaining more acceptance from investors who are wary of the unregulated exchanges of cryptocurrencies. The SEC’s Division of Trading and Markets rejected applications from investment firms ProShares, Direxion and GraniteShares.
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Other bitcoin ETF efforts have also seen multiple rejections.