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Robinhood, the U.S. trading giant, announced the addition of two products related to digital currency to its list for retail investors.
Greyscale, an investment asset manager, declared that the Robinhood trading app would launch the traditional investment vehicles of the firm for both Bitcoin (BTC) and Ethereum (ETH).
Originally known as the Bitcoin Investment Trust, Grayscale Bitcoin Trust (GBTC), the digital currency investment product, was founded in September of 2013 and offers exposure to Bitcoin without requiring to buy or store it personally. The Grayscale BTC Trust has $23.2 billion in assets under management (AUM) as of now.
Meanwhile, founded in December of 2017, the Grayscale Ethereum Trust (ETHE) now holds $8.4 billion in assets under management (AUM).
Grayscale, in an announcement last October, said that its intention to convert its Bitcoin trust into an exchange-traded fund (ETF); Dave LaValle, the global head of the company, stated:
The strong demand for physically-backed Bitcoin investment vehicles could be proved through GBTC.
The U.S. Securities and Exchange Commission (SEC) disclosed that Morgan Stanley, the banking giant, notably increased its holdings of GBTC, as per a November filing.
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Vlad Tenev, CEO of Robinhood, stated in a statement in January that the aim of the platform is to add crypto-related products to its platform.
The GBTC price was trading for $24.75, down by 1.08%, while ETHE is oscillating in the red zone at $19.76, down by 1.6%, at the time of writing.
Meanwhile, the leading currency is exchanging hands at $36,054.52, up 0.42% in the last 24 hours, continuing the sell-off that started in the beginning early on Thursday.
While the top altcoin, Ethereum too, is battling and is down from its Thursday high of $2,937 and, as of now, is trading at $2,689.60, up 0.62% in the last 24 hours.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
