Coinbase may apply for crypto ETF – has sought help from fund giant Blackrock

Lately, the U.S. Securities and Exchange Commission (SEC) has received several applications for crypto ETFs, exchange traded funds with exposure to different cryptocurrencies.

Now, the crypto exchange Coinbase is looking to launch its own crypto ETF, Business Insider reports. To achieve this, they have asked for help from Blackrock, a fund giant who manages over $6,3 trillion. Blackrock has also been an early pioneer in the ETF market.

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Wants expertise

In recent weeks, Coinbase has been in contact with people from a Blackrock workgroup. In the fund, the workgroup specifically focuses on blockchain technology and how it could be used in the financial sector.

Coinbase is said to want to access Blackrock’s expertise in launching ETFs, says people from the workgroup, according to Business Insider.

Already launched a crypto index

An ETF would probably not only have exposure to the price of bitcoin. Instead, it would most likely be exposed to a variety of cryptocurrencies, similar to the crypto index Coinbase launched earlier this year, according to a person with alleged insights to Coinbase plans.

It is still unclear if the talks with Blackrock was a one-off event or if it is part an ongoing conversation between the exchange and the fund, reports Business Insider.

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