Kraken’s CF Benchmarks: Dominating crypto ETF market, poised for growth.
Based on its huge $24 billion in reference data, CF Benchmarks, a part of the famous cryptocurrency exchange Kraken, has become the market leader in the growing crypto ETF market. The company wants to grow because demand has gone up, and it’s ready to grow even more.
There are now more spot Bitcoin exchange-traded funds (ETFs). This is good for CF Benchmarks because it gives useful price information for these ETFs. Bloomberg says in a new story that the company is now in charge of crypto ETFs worth about $24 billion. This makes it an important force and gives it control over about half of the crypto-measuring market.
ETF Dominance by CF Benchmarks
In an interview, Sui Chung, CEO of CF Benchmarks, discussed the company’s long-term goals and plans to expand into new areas such as Israel and South Korea. Chung pointed out that South Korea has particularly strong support for cryptocurrencies, which shows that the area has a lot of room to grow.
South Korea is a market where ETFs have become the wrapper of choice for long-term savings. Sui Chung
Using CF Benchmarks’ data, the first predictions said that U.S. spot Bitcoin exchange and trading funds would have $5 billion in assets. That being said, Chung said that real demand was four times higher than the predictions.
Even though trading in spot Bitcoin and Ethereum exchange and trading funds in Hong Kong started out slowly, with amounts falling below $13 million, CF Benchmarks is still positive about the region’s future. Chung said that by the end of 2024, he hopes to manage assets worth about $1 billion that are based in Hong Kong.
Recently, spot Bitcoin and Ethereum ETFs have been authorized in Hong Kong. This comes after similar progress was made in the U.S., where the Securities and Exchange Commission (SEC) approved several spot Bitcoin exchange and trading funds proposals. But the SEC seems to be more careful about spotting Ethereum ETFs, which could mean that approvals won’t happen until later in 2024 or even later.
CF Benchmarks was started in 2017 and bought by Kraken in 2019. This made it even more significant in the cryptocurrency industry.
