Blockchains and Bagels: the morning market update to get you ready for the day ahead. Today, Cboe seeks to be first in listing Bitcoin ETFs and Ripple aims for Chinese expansion.
Cboe Global Markets Inc. is aiming to be the first to list a Bitcoin exchange-traded fund, despite the delay in regulatory approval from the U.S. Securities and Exchange Commision. The regulatory body has been cautious to bring a Bitcoin ETF to market due to concerns over price manipulation and unregulated cryptocurrency exchanges. Despite this, Chris Concannon, Cboe president and COO, sees a first-mover advantage in listing the first Bitcoin ETF and expects a massive influx of activity shortly after.
Jeremy Light, vice president of Ripples EU strategic accounts, has said that Ripple is targeting the Chinese market with its distributed ledger technology to designed to accelerate cross-border payments. Earlier this year, Ripple signed a deal with HK-based financial services firm LianLian International to power cross-border transactions between China, US, and Europe. Ripples drive for the China market comes at a time when Beijing has clamped down on the trading of virtual currencies.
Ethereum co-founder Joseph Lubin stated in an interview that trader types were adding volatility to the markets but was not concerned that the decline would have an impact on the development of the Ethereum infrastructure and adoption.
Chief Executive officer Brian Armstrong said that Coinbase Inc. was signing up to 50,000 new customers a day last year, at a technology summit in San Francisco. Although Armstrong sees cryptocurrencies going through a series of bubbles and corrections, real-world adoption of the technology and digital assets have steadily increased over time.
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