Wall Street Firms Pushing for Approval of Ether ETF, Says Former Binance Labs Head

The Push for Spot Ether ETFs: Who is Behind it and What it Means for Web 3.0

Web 3.0, also known as the next generation of the internet, is a hot topic in the world of finance. Many are wondering when it will come out and what it will look like, while others are already eager to capitalize on its potential for making money. However, according to Bill Qian, chairman of Cypher Capital and former global head of fundraising at Binance Labs, it’s not the crypto natives who are driving the push for web 3.0, but rather Wall Street firms and large financial institutions.

These institutions have a vested interest in the approval of spot Ether (ETH) exchange-traded funds (ETFs), which would provide them with easier access to the cryptocurrency market. This is evident in the list of companies vying for a spot Ether ETF, which includes big names like BlackRock, Grayscale, Fidelity, and more. The United States Securities and Exchange Commission (SEC) has also postponed its decision on several spot Ether ETF applications, with a final deadline set for late May.

So what does this mean for web 3.0? It suggests that the mainstream adoption and integration of cryptocurrencies, particularly Ether, is becoming a priority for traditional financial institutions. This could potentially lead to a more diverse and robust web 3.0 ecosystem, as well as new opportunities for individuals and companies to make money in this emerging market.

Understanding the Impact of Web 3.0 and Its Potential for Profit

The potential approval of an Ether ETF is highly anticipated by the crypto community, but it also holds significant value for large issuers who stand to gain from ETF-related fees. According to Qian, this is where the true vested interest lies.

Currently, Grayscale’s Bitcoin ETF boasts the highest fee at 1.5%, followed by BlackRock and Fidelity at 0.25%, and 21Shares at 0.21%. In the race to offer the lowest management fees to clients, many ETF issuers have updated their S-1 filings multiple times, with Bitwise leading the pack by offering ETFs with zero fees for the first six months and a 0.20% fee thereafter for assets over $1 billion.

But what does all of this mean for the future of Web 3.0? As we eagerly await its arrival, it’s important to consider the potential applications and examples of this new era of the internet, as well as how venture capitalists and individuals can capitalize on its emergence to make a profit.

Qian believes that a spot Ether ETF will likely be approved this year, citing demand from BlackRock, the world’s largest asset manager with trillions of dollars in capital.

According to Bloomberg ETF analyst James Seyffart, the current Ether ETF approvals are expected to be declined in late May, as reported in a March 19 X post.