Bitcoin seems like passé more so since there are now two Exchange Treaded Funds or ETFs concentrating on Blockchain Technology, the digital register that maintains records of transactions in virtual currencies. The Reality Shares NASDAQ NexGen Economy (BLCN) and Amplify Transformational Data Sharing (BLOK) ETFs have been instigated simultaneously. ETFs can be purchased and sold like stocks and both of these possess the rising number of companies that utilize Blockchain.
However, that the words bitcoin, cryptocurrency and blockchain are not in the names of these funds but that’s deliberate according to the CEOs of Reality Shares and Amplify ETFs. The SEC was anxious as some stocks have catapulted lately as they were making use of blockchain technology.
Riot Blockchain (RIOT) used to be a biotech firm. Long Blockchain (LBCC) is the company formerly known as Long Island Iced Tea Co. And Kodak (KODK) just launched its own KodakCoin cryptocurrency. Investors have been purchasing without any hindsight and there has been some name calling said Christian Magoon, CEO of Amplify ETFs. The SEC has to safeguard investors. However, these two funds are instigated to procure advantage of the increasing blockchain.
This is not the Winklevoss Bitcoin Trust, a fund that possesses bitcoin and is managed by Cameron and Tyler, of Facebook and “The Social Network” movie fame. The Winklevii wants to instigate an ETF with ticker symbol COIN but SEC has to approve it yet.
The SEC actually doesn’t want to give a go ahead to any funds just want to invest in cryptocurrencies. Dalia Blass, director of the SEC’s Division of Investment Management said that there are yet many questions that required to be answered about the funds.