\u201cIt\u2019s yet another access point. It\u2019s an easier path for some to get into cryptocurrency, to get their first exposure to Bitcoin.\u201d<\/em><\/p>\nHe says the development will also have a positive effect on the whole crypto industry as digital asset exchanges offer services that consumers do not get from ETFs such as directly holding Bitcoin in custody.<\/p>\n
\u201cThat\u2019s going to grow the overall ecosystem. Exposure and awareness is going to grow and these things grow the overall industry in total. It\u2019s possible that some newer individuals to crypto may first go and buy an ETF as opposed to going to Kraken or Coinbase, some of our peers, but that\u2019s entirely fine.\u201d<\/em><\/p>\nRipley also explains why Kraken has no plan to cut fees to compete with the Bitcoin ETFs.<\/p>\n
\u201cWe view the offerings, the products different enough such that they\u2019re really not direct substitutes, if you will. There\u2019s a different price point for that product, but it\u2019s a different product. and so we don\u2019t have any plans to adjust fees or anything of the like due to this introduction. Like I said, we offer different products and services that differ in a lot of ways from the ETF.\u201d<\/em><\/p>\n