SEC to Seek Comment on Another Bitcoin ETF

Watchdog called for comments on a proposal by the Cboe to list and trade the SolidX Bitcoin Shares
28 June 2018   1027

The US Securities and Exchange Commission again wants to receive a comment regarding the potential launch of the bitcoin ETF. This is reported by CoinDesk.

The watchdog is waiting for comments on the offer of the Cboe exchange to list and trade of SolidX Bitcoin Shares, which in turn was proposed by VanEck SolidX Bitcoin Trust.

ETF will invest exclusively in bitcoin, the document says, as its net assets will "consist of bitcoin held by the Trust utilizing a secure process."

According to Cboe's application, ETF securities will become a tool for investing in bitcoins by players in traditional markets. While operators will buy and sell bitcoins in accordance with the needs of customers, the "trust will not be actively managed".

The presented ETF was the result of cooperation between the investment firm VanEck and the start-up SolidX. It marks the third attempt of VanEck to launch a mechanism for investing in bitcoin.

VanEck CEO Jan van Eck considers bitcoin to be a "full-fledged investment opportunity and" digital gold, "which can find a place in investor portfolios," despite regulatory barriers that his company faced in the past.

We believe that collectively we will build something that may be better than other constructs currently making their way through the regulatory process. A properly constructed physically-backed bitcoin ETF will be designed to provide exposure to the price of bitcoin, and an insurance component will help protect shareholders against the operational risks of sourcing and holding bitcoin.

Jan van Eck

CEO, VanEck

Although previously several companies tried to launch their own bitcoin-ETF, the SEC forced them to withdraw their bids. Then the regulator said that, among other things, it was concerned about the problems of volatility and liquidity of the cryptocurrency.

tZERO to Launch Bitcoin Trading App

Application itself is being developed by Bitsy; it may also begin to support Ethereum in the future
22 March 2019   149

The security tokens platform tZERO announced plans to launch a mobile application for buying and selling bitcoin. In the future, the application may also begin to support Ethereum,  CoinDesk reports.

According to Saum Noursalehi, CEO of tZERO, applications for iOS and Android devices should be launched in June. Bitsy is developing it, a cryptocurrency start-up that is part of the portfolio of the Overstock venture division of Medici Ventures.

That’s part of the reason we acquired Bitsy — to accelerate time to market for our mobile app. They have an app for trading crypto, primarily bitcoin, in a beta-phase, they built a wallet and key recovery mechanism, and this will be the foundation of the mobile app for tZERO. They are also working on some cool stuff like biometric login. 

Saum Noursalehi

CEO, tZero

According to him, the application will allow you to store cryptocurrency without the need to trust third parties and it will be connected to the network of exchanges through the API. The implementation of this plan will occur through partner tZERO, the institutional trading platform SFox.

In the future, the head of tZERO added, the platform also intends to create its own cryptocurrency vault to meet the demand from users.

The public beta testing of Bitsy wallet started in November 2018. With his help, the Overstock retailer plans to launch Bitcoin sales on its website.