Fun

Coinbase provides custody for DigitalX’s new Australian Bitcoin ETF

News Feed - 2024-07-29 11:07:52

Helen Partz9 hours agoCoinbase provides custody for DigitalX’s new Australian Bitcoin ETFThe US crypto exchange Coinbase is providing Bitcoin custody services to Australia’s DigitalX, the issuer of the second spot BTC ETF in the country.2405 Total views5 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksCryptocurrency exchange Coinbase is doubling down on its support of global spot Bitcoin exchange-traded funds (ETF), becoming a custody partner for a Bitcoin ETF in Australia.


Australia’s DigitalX, the issuer of the spot Bitcoin ETF called DigitalX Bitcoin ETF (BTXX), has selected Coinbase as the custody provider for its spot Bitcoin (BTC) fund, according to the official BTXX fact sheet.


Launched on July 12, the DigitalX Bitcoin ETF aims to provide returns that mirror the performance of Bitcoin by maintaining long-term holdings of BTC.Source: DigitalX


DigitalX announced it received approval to list its spot Bitcoin ETF on the Australian Securities Exchange (ASX) on July 9.


“The fund is intended to be a passive holder of Bitcoin and will not buy and sell Bitcoin other than to facilitate redemptions and creation of Bitcoin interests,” BTXX’s fact sheet notes.Coinbase is a major player in the global Bitcoin ETF infrastructure


One of the largest cryptocurrency exchanges in the United States, Coinbase has emerged as a prominent firm involved in enabling the infrastructure for global spot Bitcoin ETFs.


After being approved in the United States in January, Coinbase has become a partner and custody provider for 10 spot Bitcoin ETFs and eight of the nine newly approved Ether ETFs.


The most significant spot Bitcoin ETFs, including the Grayscale Bitcoin Trust ETF (GBTC) and BlackRock’s iShares Bitcoin Trust (IBIT), also rely on Coinbase as a Bitcoin custody provider.Source: Coinbase


“With a track record of over 12 years safekeeping digital assets at scale, we have developed the leading institutional-grade custody solution and will continue to maintain our company-wide approach to being the safest, easiest, and most trusted bridge to the crypto economy,” Coinbase said on its website.


Some industry executives previously argued that Coinbase’s dominance across retail and the Bitcoin ETFs poses a significant threat of hacking or state intervention. Others claimed that even if Coinbase goes bankrupt, there’s still a way to keep access to the Bitcoin ETF’s underlying funds.The state of Australian Bitcoin ETFs


The global push of Bitcoin ETF approvals has impacted the Australian market. ASX debuted its first spot BTC ETF — the VanEck Bitcoin ETF (VBTC) — on June 20, 2024.


The spot Bitcoin ETF allows Australians to invest in BTC via exposure to VanEck’s US equivalent. VBTC is structured as a feeder fund that provides exposure to BTC by investing in VanEck’s Bitcoin Trust (HODL), a US Bitcoin ETF listed on the Chicago Board Options Exchange (CBOE).


Unlike Grayscale or BlackRock, VanEck has opted to work with the Winklevoss twins-founded crypto exchange Gemini as a custodian instead of Coinbase.


After its ASX listing on July 12, the DigitalX Bitcoin ETF became the second spot Bitcoin ETF to be approved on the stock exchange after VanEck’s listing in June.


Magazine:Trump’s Bitcoin push, spot Ether ETF debut, and more: Hodlers Digest, July 21-27# Bitcoin# Coinbase# Business# Australia# Partnership# Bitcoin ETFAdd reaction

News Feed

Tom Blackstone2 hours agoCanada’s regulatory clarity is bringing institutions to crypto — WonderFi CEODean Skurka stated that although regulations have increased costs, they have also led to greater interest in crypt
Tom Blackstone5 hours agoStellar joins Bytecode Alliance to help develop EVM alternative WasmStellar joined the industry group developing Wasm, an alternative computation engine for running smart contracts.1340 Total vie
Polkadot Price Caught In A 5-Year Channel – Can It Finally Break Free?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Tron’s Justin Sun Reveals Decentralized Algorithmic Stablecoin USDD
Tron"s Justin Sun Reveals Decentralized Algorithmic Stablecoin USDD On April 21, Justin Sun, the founder of Tron, announced the launch of a decentralized algorithmic stablecoin cal
Bitdeer Sets Up $250M Fund to Acquire Assets From Financially Distressed Bitcoin Miners
Bitdeer Sets Up $250M Fund to Acquire Assets From Financially Distressed Bitcoin Miners According to a representative from the bitcoin mining company backed by the Chinese crypto b
CME Group to Offer Market Participants Ethereum Options 3 Days Before the Merge
CME Group to Offer Market Participants Ethereum Options 3 Days Before the Merge Three days before Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS), the
Cointelegraph Accelerator7 hours agoFintech, DeFi, GameFi, and more: Web3 startups kick off Cointelegraph Accelerator second cohortSixteen startups selected from over 1000 applications will present their projects to a gl
Crypto Lender Genesis Files for Bankruptcy Following SEC Lawsuit
Crypto Lender Genesis Files for Bankruptcy Following SEC Lawsuit Crypto lender Genesis, a subsidiary of Digital Currency Group (DCG), has filed for Chapter 11 bankruptcy. The filin
Crypto Market Values Nosedive Amid Global Market Meltdown, Widening Default Risks
Crypto Market Values Nosedive Amid Global Market Meltdown, Widening Default Risks Crypto markets have dropped a great deal in value over the last 24 hours as crypto assets across t
Insanely bullish facts and figures about how the bull market may play out
Brayden Lindrea5 hours agoInsanely bullish facts and figures about how the bull market may play outBitcoin is currently priced at $68,300, a mere 1% off its all-time high of $69,000.4618 Total views8 Total sharesListen t
Bitmex Co-Founder Arthur Hayes Says Bitcoin Could Drop to $30K Amid a Stock Market Rout
Bitmex Co-Founder Arthur Hayes Says Bitcoin Could Drop to $30K Amid a Stock Market Rout The co-founder and former CEO of Bitmex, Arthur Hayes, has published a new blog post concern
Styx Stealer malware exploits Windows vulnerability to ‘clip’ crypto
Derek Andersen2 hours agoStyx Stealer malware exploits Windows vulnerability to ‘clip’ cryptoStyx Stealer steals data and can reroute crypto transactions coming from an infected computer to the bad actor’s wallet.3