Crypto

SkyBridge Scaramucci Selects NYDIG As Bitcoin Custodian In Updated Repository

Bitcoin and the broader cryptocurrency market are surpassing the $ 2 trillion mark following renewed interest in institutional demand. Institutional investors continue to increase their Bitcoin purchases in anticipation of the introduction of the Bitcoin Exchange Traded Fund (ETF). breed – SkyBridge Capital Anthony Scaramucci.

BNY Mellon selected as service provider

SkyBridge has recruited NYDIG from New York as the custodian of its proposed Bitcoin ETF. This was found in a revised dossier filed with the US Securities and Exchange Commission (SEC) by First Trust SkyBridge Bitcoin ETF Trust.

The deposit was signed jointly by investment consulting firm First Trust Advisors and alternative investment firm SkyBridge Capital. Both companies also selected Bank of New York (BNY) Mellon as their service provider and custodian of liquidity, with NYDIG in charge of the keys to the trust.

Beyond the question of wording for regulatory clarity, many commentators continued to discuss the SEC’s consistent refusal to allow Bitcoin ETFs. The SEC remains firm in its opposition to Bitcoin ETFs.

The agency turned down many companies. There are many reasons for this. These include market manipulation, difficulty in determining the true value of the target virtual currency, and lack of liquidity.

But a lot has changed since the ETFs were rejected. Some of the positives were that the SEC’s Canadian partner, Canadian Securities Administrators (CSA), approved several Bitcoin ETF deposits, including the Purpose Bitcoin ETF. Purpose now has $ 1 billion in assets. So far, the Canadian regulatory agency has approved four Bitcoin ETF deposits.

Another bright spot for potential ETF approval was the recent appointment of a new SEC chairman. Former MIT crypto and blockchain instructor Gary Gensler has taken over the reins, and many believe his experience could lead to more positive steps in the blockchain industry.

These subtle clues suggest that investment firms are updating their offerings, with the regulator receiving up to eight Bitcoin ETF filings in the first quarter of the year alone.

While the SEC has not voiced its position, many players have already chosen custodians in case their proposal is accepted. Wise Origin chose Fidelity Investments, Valkyrie chose Coinbase, and Kryptoin would use another Bitcoin Gemini exchange.

NYDIG also plans to launch its own bitcoin ETF in addition to serving as bitcoin custodian for SkyBridge and First Trust.

NYDIG seeks to empower US banks

NYDIG goes beyond its determination to ensure the adoption of cryptoassets by the general public. The company has partnered with millions of customers to buy bitcoin through US banks.

According to the custodian of the cryptocurrency, this will mean that they will buy, sell and store bitcoins directly from their existing accounts.

Speaking of the move, FIS digital banking manager Rob Lee said it could potentially force banking giants JP Morgan Chase and Bank of America to offer crypto services to their retail customers as hundreds of smaller banks connect to them.

Bitcoin / US dollar BTCUSD

$ 57,752.3844 560 200.97%

Volume 72.54 billion Change $ 560.20 Opening $ 57 752.3844 Circulation 18.7 million From the market 1.08 tons

Jimmy Aki

Jimmy has been following the development of blockchain for several years and is optimistic about its potential for democratizing the financial system. When not immersed in the daily events of crypto, he can watch legal replays or try to beat his best score in Scrabble.

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker.