More

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    Most propositions for Bitcoin ETFs are often denied while others are withdrawn, so it would be a game-changer for the crypto world if this one was finally approved.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Avatar
    Gabriel Machadohttps://bitcoinexchangeguide.com/
    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

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,365FansLike
    2,781FollowersFollow
    4,135FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Cash is King in Coronavirus Ravaged Economy But Bitcoin is “Next in Line to the Throne”: Hedge Fund Manager

    Mark Yusko, the CEO at Morgan Creek Capital Management says coronavirus is unleashing a once in a lifetime downturn. Yusko appeared on CNBC’s “Trading Nation”...

    Bitcoin’s is Gold 2.0; Billionaire Chamath Palihapitiya Lays Out BTC’s Path Forward in Macro Backdrop

    In the latest episode of The Pomp Podcast, host Anthony "Pomp" Pompliano had Chamath Palihapitiya, the CEO of Social Capital as a guest who...

    Binance ‘Leak' Signals Possible Bitcoin Options Trading Launch On The Exchange

    The competition across cryptocurrency exchanges in the crypto derivatives markets is heating up to a boiling point as yet another big player hints at...

    BTC Isn’t a Hedge Against Stock Market’s Poor Returns or Coronavirus But US Dollar & Inflation: BitGo CEO

    In 2020, Bitcoin has been following stock markets religiously, so much so that their correlation went to a new high. But now, the flagship...

    Netflix's ‘Tiger King' Villian, Carole Baskin at The Big Cat Rescue Accepts Crypto Donations

    With the Coronavirus (COVID-19) running rampant in the United States, Americans are drooling over the hot new docuseries on Netflix; “Tiger King: Murder, Mayhem...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.