Financial giant Schwab Asset Management has just announced it intends to launch a cryptocurrency exchange-traded fund (ETF) on NYSE Arca.
According to the company, the ETF, whose ticker is STCE, will track the "Crypto Economy Index" and will be launched next August 4.
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Schwab Asset Management will provide access to companies that can benefit from digital assets: developers, miners, brokers and others.
The structure of the product does not involve direct investments in cryptocurrencies.
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David Botset, Head of Innovation and Equity Management at Schwab Asset Management, has said the aim of the initiative is to meet the growing demand from companies looking to generate revenue directly or indirectly from cryptocurrencies.