Cumberland, Genesis and Circle to Open Up OTC Crypto Trading Data To Power Upcoming Bitcoin ETF
Some very important OTC desks of Genesis, Cumberland and Circle, which handle a massive amount of OTC crypto trading, are leading a new trend now, according to the Abacus Journal. These companies are opening up their OTC books to help the markets so they can understand the price swings better in preparation for the ETF.
By opening up their OTC books, which is a plan that these companies already had for quite some time now, which was discovered when the reporters of the Abacus Journal looked up on SEC filings, the companies are trying to show more transparency.
This new data feed will possibly impact in the approval of the Bitcoin ETF next year as, in August, VanEck, which is behind the upcoming ETF, has affirmed that the has planned to use OTC pricing as a part of the ETF pricing strategy. This makes sense as there is a large amount of Bitcoin trading that is made via OTC crypto trading.
The filing from the SEC affirmed that the initiative was made to address concerns respecting the potential for the manipulation of the Bitcoin price at the exchanges. If Bitcoin is to become an ETF, the price and the sales via OTC markets would have to be more transparent and this is what will happen when the ETF is upon us.
While some people can still have concerns about OTC, the data feed and the possibility of manipulation at some level, the Abacus Journal has affirmed that the scale of the data seems to be very solid.
New Data Feed To Be Named MV Index Solutions
It was also reported that MV Index Solutions, which will be the name of the feed, will be launched by the MVIS Bitcoin US OTC Spo Index and that this will be the first Bitcoin index based on US price fees from OTC desks in the country.
According to the information, the index will be useful to help the users to track the spot price of Bitcoin by its performance in Circle Trade, Cumberland and Genesis Trading.
The plans of the company are to expand the portfolio and to make a total of 24 assets be listed there. The Managing Director at MV Index Solutions, Thomas Kettner, has affirmed that he is very excited to be the first provider to create this data index about these specific OTC desks.
The CEOs and COOs of the companies, which include Michael Moro (Genesis Trading), Elisabeth Carpenter (Circle) and Jason Leung (Cumberland), have all affirmed that the new live feed will be very important for the development of the industry.
According to them, if VanEck actually supports this infrastructure, the ETF will very probably be approved and will be highly benefited from this.
This can also pave the way for more products oriented at institutional investors even beyond the ETF, so this is an important development in the crypto world.