The U.S. Securities and Exchange Commission approved 11 spot Bitcoin ETFs after market close on Wednesday. Coinbase (COIN) acts as a custodian for the majority of approved issuers.
Coinbase CFO Alesia Haas tells Yahoo Finance sheena smith He said that while it was a “groundbreaking day for cryptocurrencies”, “this is a long journey and this is just one step along the way” to achieve wider acceptance of cryptocurrencies.
So what does Coinbase do to make sure investors' investments are safe? Haas said that Coinbase has “a lot of tools to keep assets safe for both retail and institutional customers.” “We have a long history of preserving them.” Haas explained that the company has a “qualified custodian… which means we will be the underlying Bitcoin custodian for many of the ETFs that are approved.” Haas said the company provides security, including cybersecurity, as part of its services.
Haas believes that the approval of the Spot Bitcoin ETF will “invite access to a multi-trillion dollar asset class that has traditionally not had access to crypto assets and has not had access to Bitcoin.”
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Editor's note: This article was written by Stephanie Mikulich.
