Umoja will use the funds to democratize retail access to digital investment strategies through its smart money protocol.
However, while spot Ether ETF applications could see further delays, approval is just a matter of time, according to the CEO of Umoja.
“What makes it difficult for institutions to position themselves advantageously with Bitcoin, Ether and cryptocurrencies generally is that they can’t facilitate the same market manipulating functions as with previous commodities. You can’t create paper Bitcoin like you can create paper gold.”Bloomberg ETF analyst James Seyffart expects the current Ether ETF approvals to be declined in late May, according to a March 19 X post.on the Hashdex and ARK 21Shares spot Ether ETFs on March 19.
“Whether it gets approved in May or in December, it’s inevitable… I wouldn’t understand why it wouldn’t be approved, particularly given that even the SEC’s perspective on Ether has been increasingly one of it being a commodity rather than a security.” According to Greenfield, enabling retail access to smart investment strategies is important because individual investors have had less access to wealth management tools than institutions.
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