A recent report highlighted how Grayscale has started meeting investment banks to be a part of their spot Bitcoin ETF, even as the industry eyes an early crypto ETF approval.
Reports from leading economic dailies have confirmed how Grayscale Investments met investment firms recently. JP Morgan and Goldman Sachs are reportedly in the queue for being a part of Grayscale’s spot Bitcoin ETF. Moreover, the crypto community hopes for crypto ETF approval within January 2024. Currently, Grayscale is in talks with both the above financial services firms.
On the other hand, Goldman Sachs could also be discussing with Blackrock for their ETF. All such discussions in the industry are for roles as authorized participants. These participants would play a key role in managing the crypto ETFs and ensuring the smooth creation and redemption of shares. Until now, JP Morgan, Jane Street, and Cantor Fitzgerald have become official participants for other ETF applicants.
Mathew McDermott of Goldman Sachs said at the end of 2023, “When I think about tokenization, which is obviously a topic that’s kind of talked about quite extensively, I think for me next year what we’ll start to see is the development of marketplaces. So where we start to see scale adoption, particularly across the buy side in the context of investors.”
He spoke extensively about financial services firms joining the crypto race with new tools, features, and partnerships. With leading investment banks joining the cry for crypto adoption worldwide, it could see much faster adoption in 2023.
At the same time, the frenzy for the crypto ETFs has significantly boosted the crypto market. Token prices have surged, while BTC hit its highest trading levels in several months. The trend may continue until the SEC greenlights the crypto ETFs as soon as possible.
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