Crypto Coins Latest News: Bitfinex: Bitcoin ETF will be approved for listing
Crypto Coins has announced a partnership with Bitfinexes, an exchange that allows cryptocurrency traders to buy and sell cryptocurrency.
The announcement came as Bitfinexs recently raised $1 million in funding led by former JP Morgan CEO Jamie Dimon.
The company said it was the first time a company with a Bitcoin ETF was officially approved by regulators for listing on a major exchange.
Bitfinexes CEO and co-founder Charlie Shrem told CNBC’s “Squawk Box” that the investment would allow for the firm to “become the world’s leading Bitcoin ETF provider, offering trading access to a wide range of traders, including traders who don’t use the Bitcoin protocol or who are new to the industry.”
The investment in the Bitfinexi cryptocurrency ETF comes after the Bitcoin price was around $2,500 on Friday.
Bitfees ICO fund raised $500K, raising over $1M more than the previous best-ever price of $1,400.
The news comes on the heels of an announcement by Bitfinexx that it had received approval from the US Commodity Futures Trading Commission for a cryptocurrency ETF.
The SEC said it would review the proposal to see whether it was suitable for listing.
The ETF, BitfineX, will be available for trading on the New York Stock Exchange (NYSE) and Nasdaq Stock Market.
According to Bitfinext, the Bitfees Bitcoin ETF would be the first of its kind.
“The Bitfinexa Bitcoin ETF represents a new, fully regulated alternative to the current Bitcoin exchange market, which is riddled with speculation and is heavily underregulated,” Bitfinexpicker Shrem said.
“The Bitfxa Bitcoin Investment Trust is designed to provide the investors with access to the highest levels of Bitcoin liquidity, with minimal risk.”
“The inclusion of the BitFinex Bitcoin ETF in the list of ETFs listed on the NYSE is a significant step forward, which opens up the cryptocurrency industry to investors worldwide, without the need for a financial institution to issue a Bitcoin,” he added.
The move is a welcome step for investors who have been frustrated by the lack of clarity surrounding the Bitcoin futures market.
A report by CNBC in January estimated the Bitcoin market to be worth more than $2.8 trillion.
The report said the bitcoin price is expected to reach $1.7 trillion within a year.
Bitcoin futures, or crypto-currencies, are designed to act as a counter to the volatility of the global market, with traders buying and selling the virtual currency on an open market.
The technology is based on the blockchain, a data storage and processing technology that is used to manage and store digital assets.