It has been just revealed the fact that the Kraken CEO has recently said that spot Bitcoin ETFs will be boosting the crypto markets. Check out the latest reports about this below.
Kraken CEO addresses crypto market
The CEO of Kraken, a US-based crypto exchange, believes that the introduction of spot Bitcoin (BTC) exchange-traded funds (ETFs) will have a positive impact on the crypto industry.
Recently, the US Securities and Exchange Commission (SEC) gave the green light to BlackRock, Fidelity, Grayscale, VanEck, Bitwise, Franklin, Valkyrie, Hashdex, Ark Invest, WisdomTree and Invesco Galaxy to offer spot Bitcoin ETFs.
In a recent interview on Bloomberg Crypto, David Ripley said that the launch of this investment product will aid Kraken’s mission to increase cryptocurrency adoption.
“It’s yet another access point. It’s an easier path for some to get into cryptocurrency, to get their first exposure to Bitcoin.”
He says the development will also have a positive effect on the whole crypto industry as digital asset exchanges offer services that consumers do not get from ETFs such as directly holding Bitcoin in custody.
“That’s going to grow the overall ecosystem. Exposure and awareness is going to grow and these things grow the overall industry in total. It’s possible that some newer individuals to crypto may first go and buy an ETF as opposed to going to Kraken or Coinbase, some of our peers, but that’s entirely fine.”
Ripley has clarified why Kraken has no intention of reducing its fees to compete with Bitcoin ETFs.
He stated that they perceive the offerings and products to be different enough that they are not direct substitutes.
The fee structure for each product differs, and as such, they have no plans to adjust fees in response to this new introduction. Kraken offers various products and services that vary significantly from the ETF.