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Fidelity and BlackRock Support Crypto! Giants of the asset management sector, Fidelity and BlackRock, have applied for investment funds for cryptocurrencies. This move is seen as an indication that the crypto market is beginning to be accepted by traditional financial institutions.
On Friday, Fidelity applied for an ether (ETH) exchange-traded fund (ETF). With this application, the company joined competitor BlackRock’ in taking a significant step in crypto adoption. The Fidelity Ethereum Fund will be listed on an exchange owned by Cboe Global Markets. However, the U.S. Securities and Exchange Commission (SEC) must make a decision on other ethereal ETF applications made by other companies.
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Fidelity and BlackRock have also applied to offer exchange-traded funds for bitcoin (BTC), a cryptocurrency larger than ether, to investors. However, no response has yet been received from the SEC. BTC and ETH ETFs could positively influence the crypto market as buying them is easier with traditional banking accounts. Especially with the contributions of big names like Fidelity and BlackRock, a new capital flow to digital assets could be triggered.
Why are Fidelity and BlackRock’s Applications Important?
Fidelity and BlackRock are two of the world’s largest asset management companies. Their entrance into the cryptocurrency market is seen as an indication that cryptocurrencies are beginning to be accepted by traditional financial institutions. This move can help the growth of the crypto market and increase the participation of institutional investors. It can also contribute to clarifying the legal status of cryptocurrencies.
A decision from the SEC on the applications submitted by Fidelity and BlackRock is awaited. A positive decision from the SEC will be a significant turning point for the crypto market. A negative decision may have a negative impact on the cryptocurrency market. However, considering the SEC’s increasingly positive attitude towards cryptocurrencies recently, the possibility of a positive decision appears to be higher.