Coinbase is Seeking a Collaboration with BlackRock
Seemingly unphased by the sharp decline in the crypto market over the course of the past few weeks, some of the industries most trusted sources are looking to be proactive in building the market back up to where it needs to be, rather than sitting and waiting for the bubble to burst.
As reported by Business Insider on September 6th, 2018, Coinbase has recently held conversations with the Blockchain working group of BlackRock, the $6 trillion dollar asset manager. Based in the United States, the crypto exchange and wallet service feels that working with BlackRock might bring them a few steps closer to creating a cryptocurrency centered ETF (Exchange-traded fund).
According to the report, the conversations revolved around developing an ETF that focuses on enabling retail investors to gain access to volatile crypto markets, however, the report goes on to state that currently, “remains unclear whether the talks were a one-off or part of ongoing conversations between Coinbase and BlackRock.”
These new talks come on the heels of the August 22nd, 2018 United States SEC’s (Securities and Exchange Commission) decision to deny the applications of nine unconnected exchange-traded funds. In addition, Coinbase also made an announcement in early August, stating that the popular exchange platform would be reducing management fees for new and existing investors to its Index Fund, effectively cutting the fee in half from 2% to 1%.
At the time, CoinTelegraph reported that the move was intended to “help introduce a new category of institutional investors into the cryptocurrency space”, so it seems as though that decision may have impacted their choice to seek out cooperation with BlackRock.
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