US Bitcoin ETFs are a ‘monumental milestone’ says Coinbase UK CEO, while ETNs in the UK are a ‘positive step’

The upcoming availability of crypto exchange-traded notes is a positive step forward for the UK, according to Coinbase UK CEO Daniel Seifert.

Seifert said that he discussed crypto ETNs with the UK’s Economic Secretary to the Treasury Bim Afolami, who spoke at a recent Coinbase event . At the time, Seifert said how they would be helpful for the industry and for the UK as a crypto hub. 

Now the UK's markets regulator, the Financial Conduct Authority, has said they can go ahead , but only for institutional investors.

“We think it's a validation for the United Kingdom, and for its strategy. And I think the future is bright,” Seifert told The Block in an interview.

As for the launch of bitcoin ETFs in the U.S., Seifert was even more enthusiastic.

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 “The fact that ETFs were launched in the United States and that that generated so much momentum and so much buzz globally, I think it's a monumental milestone for the cryptocurrency industry as a whole,” he said.

Seifert noted that the bitcoin ETFs have resulted in an injection of institutional capital as there is a new way for traditional investors to get into the crypto ecosystem. He said he anticipates this continuing as more products may be on the way and since asset managers like BlackRock and Fidelity are now speaking to their customer base about the bitcoin ETFs.

When asked whether he would want to see bitcoin ETFs available in the UK, Seifert replied, “I would say more choice for consumers is always good.”