Coinbase, which is one of the top exchanges in the world with a value of about $8 billion have achieved great feats. The company recently acquired a $20 billion prime client and got its ads back on Facebook(everyone has as Facebook resumed crypto ads).
The crypto exchange put its intention to work on institutional money and as a result, it launched a custodial serviceand the Coinbase Prime– these two services specifically target institutions. Both Coinbase Prime and its custodial service are beginning to yield positive returns for Coinbase at the moment.
Furthermore, it is important to know that about $20 billionhedge funds have reportedly been put together to the prime service. Another enormous hedge funds are possibly on the outlook by Coinbase Prime team to join the prime service later, too.
One of the big problems why institutional money is not invested is due to the lack of a prime brokerage and many institutions don’t want to risk losing their funds left on exchanges. However, Coinbasehas gotten a big solution to this and also, the company wants to present a margin finance before the year closes, thus, enabling institutional players to trade effectively.
Bitcoin’s ETF may be the first file that gets approved by the SECnow. Lately, the number of positive comments have increased due to the second round of opinions disclosed by the SEC on the 27thof June in regards to Bitcoin’s ETF filed by CBOE. In regards to the approval, lots of crypto investors pored on SEC website; one of them said:
“Dear CBOE, you need to understand that the whole world wants Bitcoin and Cryptocurrency, in general, to be legalized in the United States and in all parts of the world. ETF is a security and needs to be considered a security by the SEC.”
The same guy further added:
“Bitcoin needs regulations and what better way to be officially viewed as a security by the SEC? American institutions need to see the future in Blockchain, Bitcoin, and Cryptocurrencies. The Whole American community asks you to officially allow Bitcoin ETF to be traded.”
ETF is a stock traded on different stock markets that have bonds, stocks, commodities, and so on. ETFis a preferred choice by most investors due to the fact that it has huge daily liquidity and the charges aren’t exorbitant.
Indeed, the influence of CBOE and crypto enthusiasts will see that the United States regulators bring up a great solution. SECwill announce its final decision on the 16thof August; undoubtedly, a favorable and good conclusion by SEC for the approval of ETF will push a bullish runin the market.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.