New Bitcoin ETF Proposal Comes from Kryptoin and World Gold Council, SPDR GLD Executives

Kryptoin asset manager to develop a new Bitcoin ETF (exchange-traded fund) with former executive of World Gold Council and SPDR Gold Shares portfolio manager to track CME CF Bitcoin Reference Rate.

Jason Toussaint, a former manager of the World Gold Council, has recently united with the asset manager Kryptoin to create a new Bitcoin Exchange-Traded Fund (ETF). Now, the company has filed with the U. S. Securities and Exchange Commission (SEC) to start the development of the project. The main idea is that the fund should track the Bitcoin reference rates of CME.

According to Toussaint, the project was in development for two years before being presented to the SEC. At the moment, there is no information on the process to create the ETF and any fees that it will have, though.

The gold veteran compared Bitcoin to gold when explaining the project. According to him, the process is similar to when the Gold Council brought its SPDR Gold Shares to the financial markets. This was one of the largest ETFs in the world, so it seems that he has plenty of experience in the field.

Now, Toussaint defends that some aspects are crucial for approval. The filing was just the first step. The first point is to share as much information as possible with the entity, so they can better understand the market. He did the same with the gold ETF, which was also viewed with suspicion, so this is why he is confident.

If this new project is approved by the SEC, it would be listed on NYSE Arca, which has already worked with some other companies that tried to launch their own ETFs.

Most propositions for Bitcoin ETFs are often denied while others are withdrawn, so it would be a game-changer for the crypto world if this one was finally approved.

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Gabriel Machado
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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