Bitcoin [BTC] ETF’s last mover advantage is important, says JP Morgan official

The cryptocurrency ETF was the main point of debate in a recent Bloomberg interview which had Bryson Lake, JP Morgan’s Asset Management Head of International ETF’s, on its panel. The discussion revolved around how JP Morgan believes in the last mover advantage in terms of the cryptocurrency market and ETFs.

Lake said:

“We certainly do not believe that we have missed the ETF boat by long shot. In our opinion, the last mover advantage is the best. Take the example of Netscape, they launched well before Google but look where they are right now.”

The JP Morgan official went on to say that the company has been putting a lot of thought and strategies to differentiate the assets in the long run. The discussion also informed users that JP Morgan was the 19th in terms of cryptocurrency assets and 5th in terms of market flow which amounted to 8.7 billion.

JP Morgan was also in the news recently when the company announced that over 70 banks had tied up with them to be a part of the interbank blockchain project designed by the institution, according to a report published by the Financial Times. The platform is titled, “The Interbank Information Network” [IIN].

The IIN project was started by JPMorgan back in October 2017 to overcome the delays in cross-border payments in the existing systems. The banking giant initially partnered with two other banks, the Royal Bank of Canada and Australia and New Zealand banking group [ANZ], to trial run the project for 11 months.

Bryson Lake also stated that the product range and the developmental sphere has to be competitive in the cryptocurrency industry. He pointed out that since the market has settled investors have responded in a very positive way. According to him, even the institutional investors have taken an interest in the cryptosphere.

The Bitcoin ETF, which has been in creating waves in the cryptocurrency industry, was again talked about by the SEC recently when it discussed the proposed rule change submitted by Cboe BZX Exchange, Inc. at the beginning of 2018. The rule change was proposed to enable the trading of GraniteShares Bitcoin ETF, which was put forth this year and was rejected recently by the regulatory body.

The report by the SEC also stated:

“On August 23, 2018, the Secretary of the Commission notified BZX that, pursuant to Commission Rule of Practice 431,10 the Commission would review the Division’s action pursuant to delegated authority and that the Division’s action pursuant to delegated authority had been automatically stayed.”

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