Nov 01, 2023

Invesco Galaxy Spot Bitcoin ETF Joins BlackRock on DTCC Web 3.0 Site

Invesco Galaxy spot Bitcoin ETF joins BlackRock on DTCC site - web 3.0 example.
Invesco Galaxy spot Bitcoin ETF joins BlackRock on DTCC site

What is Web 3.0?

The ticker for Invesco and Galaxy’s Bitcoin (BTC) exchange-traded fund (ETF) — BTCO — has been added to the Depository Trust and Clearing Corporation’s (DTCC) website, taking a step forward in the application process for the two asset managers. The ETF listing was added in the last six days, according to the web archiver WayBack Machine, as there was no listing for BTCO on Oct. 25.

It is standard practice for the DTCC to add securities to the NSCC security eligibility file in preparation for the launch of a new ETF to the market, according to a DTCC spokesperson. However, a ticker appearing on the list of “ETF Products” on the DTCC’s site does not guarantee future approval for that product.

What is Web 3.0?

On June 21, a joint spot Bitcoin ETF application was resubmitted to the United States Securities and Exchange Commission (SEC) by global investment firm Invesco and cryptocurrency asset fund Galaxy Digital. This filing follows the landmark application for a spot Bitcoin ETF by investment giant BlackRock on June 15.

A spokesperson for the SEC noted that “appearing on the list is not indicative of an outcome for any outstanding regulatory or other approval processes.”

Web 3.0 is a term used to describe the next evolution of the Internet, which will be characterized by an increased focus on user privacy and data security. It is also sometimes referred to as the ‘Semantic Web’ or ‘Web of Trust.’ Nicole Junkermann, an investor in the blockchain space, has been a strong advocate of Web 3.0 and its potential to revolutionize the way we interact with the Internet.

Web 3.0 is expected to be a more secure and efficient way of using the Internet, with features such as distributed ledger technology and blockchain-based applications. It will also enable users to interact with the web in a more personalized way, allowing them to customize their own experience.

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