Asset management titan Vanguard is further distancing itself from crypto after the launch of spot Bitcoin (BTC) exchange-traded funds (ETFs) in the US.
The Pennsylvania-based firm now says both spot and futures Bitcoin ETFs will not be available on its platform even though other asset managers are rushing to offer their clients the new products.
Says a Vanguard spokesperson to Axios,
“In addition to spot Bitcoin ETFs not being available for purchase on the Vanguard platform, effective immediately, Vanguard will no longer accept the purchase of cryptocurrency products, including Bitcoin futures ETFs.”
On Wednesday, the U.S. Securities and Exchange Commission (SEC) approved the spot market Bitcoin ETF applications BlackRock, Fidelity, Grayscale, VanEck, Bitwise, Franklin, Valkyrie, Hashdex, Ark Invest, WisdomTree and Invesco Galaxy
But Vanguard did not jump on the Bitcoin ETF bandwagon. The Vanguard representative says the decision to stay away from crypto is in alignment with the needs of its customers.
“This change allows us to focus on offering a core set of products and services consistent with our commitment to serve the needs of long-term investors.”
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Vanguard Blocks Bitcoin Futures Offerings As Financial Giant Distances From Crypto appeared first on The Daily Hodl.
