The crypto community is still waiting for the US SEC to approve Bitcoin ETFs, with speculation which application might get approval being one of the hottest topics in 2018. However, come 2019, the US government shutdown dragged on, and the Bitcoin ETF request which had the most potential to see a grant got withdrawn by the very companies that submitted the application.
While the question of BTC ETF remains hanging in the air, blockchain-focused ETFs seem to be a different matter entirely. In a recent announcement by an independent investment managed firm called Invesco, the company has stated that it was about to launch the largest blockchain-focused ETF in the world. They managed to go through with this plan, and the ETFs have reached the London Stock Exchange today, March 11th.
The exchange-traded fund includes a portfolio containing as many as 48 different firms which are bringing exposure to the emerging technology. Among them, there is Taiwan Semiconductor Manufacturing, which is a well-known creator of chips used for crypto mining, as well as the CME Group, which is the first regulated exchange in the US which launched Bitcoin futures. There are many other well-known companies as well, such as Intel, Microsoft, and others.
Chris Mellor, the Invesco’s head of ETF equity product management in Europe, said that blockchain has a huge potential to increase earnings, even though this potential was not always reflected in companies’ share prices.
The report also mentioned that the portfolio of 48 companies is based on a proprietary scoring system, which was created by Elwood Asset Management. This is a specialist crypto investment boutique which is backed by Brevyn Howard hedge fund’s co-founder, Alan Howard. Meanwhile, Elwood’s CEO, Bin Ren, stated that blockchain potential goes far beyond just cryptocurrencies.
According to him, the blockchain technology is starting to see numerous other uses, and while most of them are still within financial services, other greater applications are expected to follow as well.
Blockchain-focused ETFs on the rise
While Invesco’s blockchain-focused ETF certainly received the most attention, it is not the only one. In fact, there are several others on the US and European markets. Even so, they attracted little capital so far, which is potentially one of the reasons why they failed to attract greater attention as well.
The largest of them, known as the Amplify Transformational Data Sharing ETF, currently only has around $110 million in assets. Even so, the global interest in blockchain technology seems to be intensifying, as many have predicted in 2018. While the technology has been around for an entire decade now, it was unknown at first, and then ignored, likely due to its connection to cryptocurrencies, which the banks attempted to bash at any given opportunity.
However, since the blockchain started taking a separate way — still tightly connected to crypto, although showing that it can do much more — even the banks started paying attention. But, while the blockchain may be doing well in 2019, there are still no signs that situation will see any significant change on the crypto front. Bitcoin ETFs remain as unlikely to see the regulatory approval as ever, and many are wondering what is next in store for the crypto space.
For the latest cryptocurrency news, join our Telegram!
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.
Image courtesy of Pexels
Reasons Why You Are Much Safer When Crypto Trading on Dexes
While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.
During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.
Here are some reasons why you might want to consider doing the same.
1. True ownership of your coins
The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges…
Crypto Billionaire Predicts Massive Price Growth by 2021
Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.
Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.
He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.
However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…
TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level
Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world. Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon. This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs. One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos. TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.
Problems with Centralized Casinos
The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model. And online casinos are no different. It still needs to be said that centralized casinos have proven that there is a great demand for online gambling. The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative. But industries are continually evolving and this one is no different.
A few of the problems facing centralized casinos include the following:
- Little to no transparency
- Consumer lack of confidence
- Privacy concerns
- 48-72 hour wait time for withdrawals
These are four monumental issues that need to be addressed quickly given the global growth of the market. Casinos need to…
BitStarz Player Smashes Record – Wins $2.4 Million on Azarbah Wishes!
The Bitcoin Revolution: Everything You Need To Know To Take Profits
3 Altcoins That Are Outperforming Bitcoin and Will Likely Face Consequences
Altcoins2 weeks ago
Justin Sun Bullish On TRX and BTT
Altcoins5 days ago
Why Tron (TRX) Price Won’t Remain Low for Long
Altcoins5 days ago
Why Binance May Be Crucial for Tron (Trx) to Reach $1
Bitcoin1 week ago
4 Reasons Why the New Bitcoin Rally Is Unlikely to Stop Now
Hot Updates2 weeks ago
Social Gaming Platform Offers Crypto Community Unrivalled Multi – Gaming Experience with Fair Odds
Altcoins5 days ago
3 Cryptocurrencies Most Likely to Follow Bitcoin’s Performance
Trade2 weeks ago
eToroX launches gold and silver stablecoins
Altcoins2 weeks ago
XRP Continues to Struggle Despite the Bullish Market