Kraken CEO David Ripley says spot Bitcoin ETFs will help grow the entire crypto industry – here’s why
The CEO of US-based crypto exchange Kraken says the launch of spot Bitcoin (BTC) exchange traded funds (ETFs) will have a positive impact on the crypto industry.
Last week, the US Securities and Exchange Commission gave the green light for BlackRock, Fidelity, Grayscale, VanEck, Bitwise, Franklin, Valkyrie, Hashdex, Ark Invest, WisdomTree and Invesco Galaxy to offer spot Bitcoin ETFs.
In a new interview on Bloomberg Crypto, David Ripley says the launch of the investment product supports Kraken's mission to increase cryptocurrency adoption.
“It’s another access point. For some, it is an easier way to get into cryptocurrency and get exposed to Bitcoin for the first time.”
He says the development will also have a positive impact on the entire crypto industry, as digital asset exchanges offer services that consumers don't get with ETFs, such as direct custody of Bitcoin.
“This will grow the entire ecosystem. Awareness and notoriety will increase, and these things will grow the entire industry. It’s possible that some crypto newbies will buy an ETF first instead of turning to Kraken or Coinbase, some of our competitors, but that’s totally fine.”
Ripley also explains why Kraken has no plans to lower fees to compete with Bitcoin ETFs.
“We see the offers and products so differently that they are really not direct replacement products, if you will. There is a different price for this product, but it is a different product. Therefore, we have no plans to adjust fees or anything similar as a result of this launch. As I said, we offer various products and services that differ from the ETF in many ways.”
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