Blockchain News 17 January 2018

Blockchain ETFs launched on NASDAQ and NYSE Arca

Reality Shares Advisors and Amplify Trust ETF launched the first blockchain-based exchange-traded funds (ETFs) on Nasdaq and the New York Stock Exchange Arca today.

Reality Shares’ ETF opened at $24.20, while Amplify’s ETF started closer to $20.

Both ETFs will exclusively invest in blockchain-based companies.

Kian Salehizadeh, an analyst with Reality Shares said:

“We wanted to do a blockchain technology-related ETF, so not another bitcoin fund but something that takes advantage of the underlying ecosystem.”

While the SEC has not formally issued an approval of the ETFs, the lack of a formal disapproval means the ETFs were automatically approved under current law, Salehizadeh explained.

At present, the SEC has 75 days to issue a disapproval or objection to an ETF filing. If no such disapproval or objection is stated, the funds can be listed.

Largest Japanese bank plans to launch cryptocurrency exchange

Mitsubishi UFJ Financial Group (MUFG) is launching an initiative to open a new exchange and issue its own virtual currency: the “MUFG coin.”

The bank can also control the value of the coin, which is aiming to be worth approximately 1 yen. Users can then use these coins, accessed from their smartphones, to pay for goods and services in a secure fashion.

MUFG is aiming to increase adoption with suppliers and retailers throughout Japan for the payment platform and is aiming to launch later in the year.

MUFG has already notified the Financial Services Agency on their plans to issue coins and open an exchange. Bank of Tokyo-Mitsubishi UFJ will make full preparations for the MUFG coins issuance, with plans to organize contests to generate ideas for business usage of the MUFG coins in March.

In order to establish a virtual currency exchange in Japan, it is obligatory to register with the Financial Services Agency, and there are still some hurdles left.

The Mitsubishi UFJ Financial Group, headquartered in Chiyoda, Tokyo, is Japan’s largest financial group and is the 2nd largest bank holding company in the world, holding around $1.8 trillion USD.

Blockchain News 17 January 2018

Blockchain News 17 January 2018