Last Minute: Crypto Money Step from 7 Trillion Companies!

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According to Blockworks sources, one of the giant investment companies will take an important step in crypto money. Charles Schwab is considering launching a crypto-focused spot ETF, according to a last-minute memo. With the effect of the news, Bitcoin (BTC) rose above $ 36,700.

Giant Company Enters Crypto

US-based Charles Schwab (Charles Schwab Corporation) provides commercial banking, wealth management and advisory services to both individual and corporate clients. Currently, the company has $7.5 trillion under management.

The idea of ​​a spot ETF for cryptocurrencies is not new. There are currently ETF applications pending approval from the SEC and rejected multiple times. Although it seems unlikely that these applications will be approved in the short term, it is extremely important for a company that manages $7.5 trillion to make such a declaration of intent and even make an official application in the near future. The acceptance and spread of cryptocurrencies by the mainstream will continue with the support of such giant companies.

Bitcoin and Cryptocurrency ETF

SEC Chairman Gensler is a well-known MIT lecturer on Bitcoin and blockchain, but does not give spot ETF endorsements. The main reason for this is the high volatility in the cryptocurrency markets. The SEC, which does not want institutional investors or US citizens who will make individual ETF investments to be harmed, does not favor the idea of ​​spot ETFs for now.

Last year, Bitcoin Futures ETFs began to be approved by the SEC. This caused the Bitcoin price to make a new ATH and reach the levels of $ 69,000. If the US can complete its comprehensive regulations within this year, we may witness spot ETF approvals in at least 12-18 months.

Institutional asset manager companies will be thinking like this, as we witness the statements of many trillion-dollar companies, including Fidelity, in this area.