As a Bitcoin exchange-traded fund (ETF) continue to elude U.S. markets, ane startup has secured $17 million that seem earmarked to bring blockchain tech to ETFs.

WisdomTree announced investment in a startup called Securrency Inc., one of the superlative institutional-grade blockchain builders in the financial and regulatory space, per a January. 7 printing release.

An asset manager, ETF and exchange traded-product (ETP) backer, WisdomTree is looking to harness blockchain engineering for the ETF market place. Post-obit the announced funding circular, WisdomTree aims to piece of work with Securrency to expand the availability of ETFs via blockchain technology.

Garnering $17.65 one thousand thousand in total investments, Securrency received funds from WisdomTree, Abu Dhabi Investment Office (ADIO), Monex Group, Inc. and several others, the release says.

No crypto ETF yet

ETFs are one method in which mainstream participants tin can proceeds exposure to a fiscal asset, or basket of financial assets.

Over the past two years, numerous parties, such as VanEck/SolidX and Bitwise, take attempted to launch diverse crypto ETFs, although none has gotten regulatory blessing.

Using blockchain for ETFs

WisdomTree sees blockchain as an opportunity to enhance the electric current ETF globe and bring ETFs to more users, in line with regulation, the release noted. Securrency adds blockchain expertise to the mix, including areas relating to compliance and identity.

WisdomTree founder and CEO Jonathan Steinberg said he sees underperformance in terms of current blockchain solutions. Steinberg said in the press release:

"Our investment in Securrency is the result of a multi-year review of blockchain technology and the associated landscape. In our review, we institute instances of unnecessary applications of the applied science and poor compliance with existing regulations; however, there are numerous elements of blockchain engineering science that, when correctly applied, volition bring benefits to investors."

Regulators continue to wade through other crypto ETFs at present, every bit the Securities Exchange Commission is scheduled to decide on Wilson Phoenix's Bitcoin ETF past February, 2022, Cointelegraph reported.