Leading banking institution of the United States, Goldman Sachs, and renowned finance giant, Fidelity Investments are gearing up to set their first foot strong in the crypto industry. The firms have filed a prospectus with the U.S financial watchdog, Securities & Exchange Commission, to get its approval for setting a Bitcoin ETF. The ETF project will help the companies explore the crypto domain by providing easy access to the investors willing to trade cryptocurrencies.

Goldman and Fidelity both announce they are filing for #Bitcoin ETFs today, yet @RayDalio says it’s going to be banned… Very interesting dichotomy playing out right now.

— Preston Pysh (@PrestonPysh) March 24, 2021

As per the report, Goldman Sachs’ ETF would be launched under the brand name of ARK Innovation ETF and would emphasize on catering to the entities focused on popularizing crypto. The firm is likely to launch a Bitcoin ETF and revolutionary custodial services for crypto investors. The ETF proposed by Fidelity Investments will go by the Wise Origin Bitcoin Trust. The project would track the value of Bitcoin in the market depending on the figures shown by the Index. The values shown shall be accounted for the expenses and liabilities of the new Trust.

The Fidelity exchange will help the investors to place their bets on the value of Bitcoin without compulsorily buying or storing the currency. The Fidelity Service Company Inc will work as the administrator, whereas the Fidelity Digital Assets arm would provide the custodial services. Earlier, the finance mammoth had released its native Bitcoin-only investment solution called Wise Origin Bitcoin Index Fund I.

The reports reveal that the SEC has been receiving proposals for ETF launch from various companies, and Fidelity Investments and Goldman Sachs are the latest addition to the long list. The regulator is keenly reviewing VanEck’s Bitcoin ETF project, though the final decision is yet to be delivered. The launch of crypto ETFs has become quite popular, with countries like Canada and Brazil leading the development. The Canadian authorities allowed the establishment of North America’s first Bitcoin ETF last month, along with two more projects. The Brazilian regulators gave the green signal for Latin America’s first ETF in March 2021. The growing proliferation of crypto ETFs has been a significant aid for investors and crypto traders.