Bitcoin & Ethereum ETFs Explained For Dummies!
The US Securities and Exchange Commission (SEC) received a new application to launch an exchange-traded investment fund based on two cryptocurrencies.
Crescent Crypto Index Services has proposed an ETF that will track changes in the market value of a portfolio that includes Bitcoin (BTC) and Ether (ETH). If approved, the new index fund will be listed on the New York Stock Exchange under the ticker XBET.
The Commodity Fund company will be responsible for providing the portfolio with cryptocurrency. According to the application, its activities are controlled by several US regulators at once..
XBET is an exchange-traded fund, so investors will be able to buy and sell assets during the trading day at prevailing market prices and perform the same operations as with ordinary shares. Crescent Says Its Solution Will Open Access To Virtual Currencies For Most Investors.
This is the third sentence to launch a crypto ETF that is now considering SEC. In March, the regulator postponed the deadline final judgment on requests from Bitwise Asset Management and VanEck. However, the new option includes two top digital currencies, so it could potentially provide greater influence on the crypto market.
The SEC has not yet approved a single application, which began arriving in 2017..
We will remind that the chairman of the European Central Bank, Mario Draghi called cryptocurrencies are risky assets, not real currencies.
text: Ivan Malichenko, photo: Shutterstock