2018-10-12 12:00 |
The digital currency ETF is a big part of the debate in a recent Bloomberg interview which had JP Morgan’s Asset Management Head of International ETFs, Bryson Lake on the panel. The interview looked at how JP Morgan believes in the latest mover advantage in terms of the digital currency market and ETFs.
In the interview, Lake said:
“We certainly do not believe that we have missed the ETF boat by long shot. In our opinion, the last mover advantage is the best. Take the example of Netscape, they launched well before Google but look where they are right now.”
The official from JP Morgan went onto say that the business has been planning out strategies to in order to differentiate the assets for a long-term viewpoint. The interview also informed users that JP Morgan was 19th in terms of digital currency assets and was 5th for market flow which summed up to over 8.5 billion USD.
JP Morgan has recently been in the news after the company announced that over 70 banks had joined up with them to be part of the interbank blockchain project designed by the company, according to a recent report by the Financial Times. The platform was named ‘the interbank information network’ or IIN.
According to AMB Crypto:
“The IIN project was started by JPMorgan back in October 2017 to overcome the delays in cross-border payments in the existing systems. The banking giant initially partnered with two other banks, the Royal Bank of Canada and Australia and New Zealand banking group [ANZ], to trial run the project for 11 months.”
Lake also said that with the product range and the development must be competitive in the cryptocurrency industry. He pointed this out since the market has settled investors have responded in a ‘very positive way’. Even institutional traders have taken a shine in the crypto world, according to Lake.
The Bitcoin ETF was also talked about by the SEC (securities exchange commission) recently. After a proposed change in rules submitted by Cboe BZX Exchange Inc. at the start of the year. The change in rules was intended to enable the trading of GraniteShares Bitcoin ETF which was proposed this year but was declined by a regulatory body.
In the report by the SEC:
“On August 23, 2018, the Secretary of the Commission notified BZX that, pursuant to Commission Rule of Practice 431,10 the Commission would review the Division’s action pursuant to the delegated authority and that the Division’s action pursuant to delegated authority had been automatically stayed.”
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