Fintech Startups Thrilled by SEC Approval of ETFs, Begins Listing on Platform
Following the US Securities and Exchange Commission (SEC) approval of exchange-traded funds (ETFs), several fintech startups are thrilled by the development and have begun listing some of the bitcoin ETFs on their platforms.
Reports reveal that three fintech companies, Chipper Cash, Chaka, and Trove with presence in Nigeria and other African countries have already listed the eleven approved ETFs on their platforms.
Bamboo listed the Grayscale Bitcoin Trust (GBTC), while Chipper Cash, Trove, and Chaka have made available ETFs like ARK 21Shares Bitcoin ETF; and Bitwise Bitcoin ETF, amongst others, on their platforms.
Several Fintech experts and enthusiasts have expressed excitement at SEC’s recent approval of ETFs, stating that it will allow customers to easily gain exposure to the world’s most valuable cryptocurrency via traditional brokerage accounts and stock markets, without needing to directly buy or sell the digital asset on a crypto exchange.
They further highlighted that the integration of cryptocurrencies with traditional finance will not only offer clarity but also open avenues for sophisticated risk management tools that benefit customers in managing their digital asset investments.
Notably, since the approval was announced, it has had a positive effect on the cryptocurrency market. Analysts are projecting that the approval could draw in fresh investments into the market. Analysts at Standard Chartered predict ETFs could draw from $50 billion to $100 billion inflows in 2024.
Also, due to massive access to capital for the ETF industry, it is expected that billions will flow into the space, opening opportunities for funding new projects, blockchains, business models, and new cutting-edge innovations.
Notably, the approval of the bitcoin spot ETFs by regulators is a testament to the resilience of bitcoin an asset that continues to outperform despite facing an array of challenges, from unclear regulation to negative commentary by opponents.
