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BlackRock Sets Stage For Ethereum Trust, Fuelling ETF Rumours
Wall Street giant BlackRock has registered an iShares Ethereum Trust in Delaware, sparking speculation of an impending Ethereum ETF filing.
Although the registration does not equate to an Ethereum ETF application with the Securities and Exchange Commission (SEC), analysts observed a similar pattern with the firm’s Bitcoin ETF application.
In the Bitcoin ETF scenario, BlackRock filed a similar registration, a week before the actual ETF application.
In the corporate world, Delaware is a favored incorporation destination thanks to its tax benefits and legal protections, with an estimated 60% of Fortune 500 companies registered there.
BlackRock’s iShares Bitcoin Trust application, filed in June, highlighted the fact that the asset manager rarely faces rejection from the SEC.
However, SEC approval is not a guarantee, with the regulator now entering a period where it could potentially approve up to 12 Bitcoin ETF applications.
The recent registration of the iShares Ethereum Trust in Delaware has rekindled interest among potential issuers in securing an Ethereum ETF listing.
Grayscale, an asset manager owned by Digital Currency Group, recently applied to convert its Grayscale Ethereum Trust into a spot ETF.
In early October, the first Ethereum futures trusts began trading on the Chicago Board Options Exchange (CBOE), with nine listings from firms including ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares.
News of the Ethereum Trust registration has had a positive impact on Ethereum’s price, which surpassed $2,000 for the first time since July. Read more here.
BlackRock’s Bitcoin ETF Wall St milestone.
How is crypto forcing banks and institutions towards tokenization?
Blockchain adoption growth despite wider market turbulence.
Ethereum’s record-low gas fees explored.
High US concentration of Ethereum nodes raises decentralization concerns.
Does BlackRock’s Ethereum Trust Indicate More Momentum For The Wider Crypto Industry?
BlackRock, the Wall Street powerhouse, recently registered an iShares Ethereum Trust in Delaware.
Interestingly, the Ethereum Trust registration has revived interest from potential issuers in securing an Ethereum ETF listing.
Wall St Institution’s increasing interest in Bitcoin and Ethereum ETFs presents a hopeful outlook for digital assets and the crypto industry in general.
As the adage goes, “A rising tide lifts all boats”.
The growing attention to this side of it could ripple throughout the cryptocurrency world, potentially further raising interest in next-generation solutions to long-standing issues with traditional blockchains.
If the crypto market continues to widen, which growing attention usually causes, it’ll benefit the crypto industry as a whole.
As regular readers of this newsletter know, Zucoin has a very unique set of capabilities due to its underlying Splitchain network—an alternative to blockchain.
Real-time transaction settlements, in-built two-factor transactions for added safety, no fees by default on the network, simple entry points into the ecosystem, and much more, are key differences to other public ledger technologies.
These key points of differentiation are constructed into the core Splitchain system itself.
To do it properly requires a ground-up rethink of how public ledgers work.
It’s not something that you can reliably and consistently graft on top of traditional blockchains and gain 100% adoption.
Here’s why.
Doing things that way means it’ll be opt-in.
Of course, some parts of the network won’t opt-in, because anything that adds additional work to implement won’t be taken up by 100% of participants in a popular system unless it’s made mandatory.
In an established system like Bitcoin and Ethereum, this is hard to do.
Such systematic migrations are extremely hard and time-consuming.
This results in more incompatibility and more fragmentation on the network, making different capabilities harder and more time-consuming to integrate.
More friction tends to result in less adoption.
For best results and simplicity, it should be in the system’s fundamental architecture from the outset—and Zucoin has done this.
This, in turn, reduces friction across different groups using the network.
Once the headlines from these ETF listings die down, it’ll be up to the blockchains to prove their abilities in widening their actual use case—which, originally, in essence was to provide an efficient public ledger that doesn’t rely on a single trusted entity to verify proofs.
It’s here that Splitchain and its Zucoin token need to showcase their capabilities.
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All the best,
—Rob
Disclaimer: Of course, this is not advice, financial or otherwise. It’s also important to consider the risks and challenges associated with any potential benefits.