What will happen to the Bitcoin ETF in 2020? This company dedicated to blockchain ETFs raised $ 17 million in funding

Bitcoin exchange-traded funds (ETFs) continue to be excluded from the U.S. market, but a startup has received $ 17 million in funding, which appears to be dedicated to the introduction of blockchain technology into ETFs.

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According to a press release on January 7, ETF investment company WisdomTree announced its investment in a startup called Securrency Inc., one of the top institutional-level blockchain manufacturers in the financial and regulatory fields.

As an asset manager, supporter of ETFs and exchange-traded products (ETPs), WisdomTree is seeking to leverage blockchain technology for the ETF market. After the announced round of financing, WisdomTree's goal is to partner with Securrency to expand the availability of ETFs through blockchain technology.

The announcement states that Securrency received a total investment of $ 17.65 million, which was obtained from WisdomTree, Abu Dhabi Investment Office (ADIO), Monex Group, Inc. and several other companies.

No crypto ETF yet

ETF is a way for mainstream participants to obtain financial assets or a basket of financial assets.

Over the past two years, numerous groups such as VanEck / SolidX and Bitwise have attempted to launch various crypto ETFs, although none have received regulatory approval.

Using blockchain for ETFs

WisdomTree sees blockchain as an opportunity to enhance the current ETF world and bring ETFs to more users in accordance with regulations. Securrency adds blockchain expertise to the portfolio, including areas related to compliance and identity.

WisdomTree founder and CEO Jonathan Steinberg said he believes current blockchain solutions are performing poorly. Steinberg said in a press release:

"Our investment in Securrency is the result of a multi-year review of blockchain technology and its related fields. In our review, we found unnecessary technology applications and non-compliance with existing regulations; however, correct The application of many elements of blockchain technology will bring benefits to investors. "

According to Cointelegraph, regulators are still working on other crypto ETFs as the SEC plans to make a decision on the Bitcoin ETF submitted by Wilson Phoenix by February 2020.