The cryptocurrency space’s growth is triggering growth in many crypto exchanges and firms’ services as the industry continues to boom with demands. The growth had now forced many of these blockchain solutions firms to need well-experienced experts and professionals to booster their cabinet. Grayscale, one of the world’s most renowned crypto investment firms, is the latest crypto service firm needing new talent for its expansion. The crypto investment managers have now announced that they are searching for nine new experts to join the new exchange-traded funds (ETF) it is planning to launch.
Grayscale might have plans for an ETF
In the official announcement on Grayscale’s website, the firm announced that it was looking for nine new expatriates who are well-groomed in the aspects of ETFs. The roles include legal officers, Sales specialists, investment managers, assets managers, and many relationship managers, all of which must possess ETFs-related experience. The firm also announced the individuals who will fill in the vacant roles would be tasked with helping the investment firm with the expansion and creation of its ETFs products.
However, the information does not have enough clarity, as Grayscale currently has trusted products similar to ETFs. The total valuation of the products, which are assets under its management that contain both Bitcoin and Ethereum, is about $50 billion. It is also worthy to note that while the vacancies are looking towards ETF experts, Grayscale investments do not hold a license to trade ETFs at the moment. However, there are rumors that the investment managers are looking towards that direction soon, much to their customers’ delight.
The U.S Governments still adamant about licensing ETFs
The nature of ETFs is that they are products that allow investors to track other assets. However, the U.S government has not granted Grayscale and every other crypto firm looking to establish an ETF license. Before today, the U.S government has refused about ten applications of an ETF due to a few risks attached to the products. The government has also rejected about nine applications for a BItcoin ETF, suggesting that the volatile and manipulative nature of the Bitcoin market makes it hard to be backed.
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However, many firms like Grayscale and recently VanEck have continued to try their luck, despite the SEC’s disapproval. Fortunately for the cryptocurrency community, while U.S has turned down every opportunity for a Bitcoin ETF, Canada has done otherwise. The launch of both Purpose and Evolve Bitcoin ETF in the country last month, as the first Bitcoin ETF globally, has been met with several applause. Purpose Bitcoin ETF, the first to launch, now has more than $800 million in Bitcoin assets under its management.
Evolve, on the other hand, with assets of more than $400 million, is also planning to launch an Ethereum ETF soon. However, many crypto enthusiasts in the U.S will be hoping that the nation follows the part of Canada to license Grayscale and many others to trade ETFs in the future. There is no confirmation of Grayscale launching or licensed to launch an ETF at the time of writing.