The US Securities and Exchange commission approved eleven spot bitcoin ETFs after the market close on Wednesday. Coinbase (COIN) will serve as the custodian for a majority of the issuers that were approved.
Coinbase CFO Alesia Haas tells Yahoo Finance’s Seana Smith that it was “a landmark day for crypto,” but that “this is a long journey and this is just one step along the way,” in the bid for crypto to gain more widespread acceptance.
So what is Coinbase doing to make sure investors’ investments are safe? Haas says Coinbase has a “long history of safely storing assets for both our retail and institutional customers.” Haas explains that the firm has a “qualified custodian… which means that we will be the underlying bitcoin custodian” for many of the ETFs that were approved. As part of their offering, Haas says the firm offers security, including cybersecurity.
Haas believes the spot bitcoin ETF approval will “invite trillions of dollars that were previously not able to access crypto assets and not able to access bitcoin” access to the asset class.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor’s note: This article was written by Stephanie Mikulich