Asset manager Vanguard has made the decision to prevent its customers from purchasing spot Bitcoin ETFs via its platform. This move coincided with the commencement of trading for these ETFs, leading to some customers expressing their intention to leave Vanguard. The upcoming months may see a shift in focus towards Pullix, a new hybrid exchange currently in its presale phase.
The approval of the first spot Bitcoin ETFs in the US has been celebrated within the crypto industry, with many feeling that this could lead to further regulatory clarity. Projections suggest a thriving crypto trading market, with the decentralized finance (DeFi) sector expected to gain significant traction. The imminent launch of the new hybrid crypto exchange Pullix (PLX) is a source of excitement within the industry.
Reports have surfaced that Vanguard is blocking its customers from purchasing the newly traded crypto ETF products. This has led to some customers threatening to switch to competitor Fidelity Investments. Whether this will be enough to persuade Vanguard to alter its stance, or whether Fidelity and other providers will benefit from the current situation, remains to be seen. Vanguard’s latest stance on crypto has upset a number of customers, with many stating their willingness to switch to another platform. Fidelity’s support for Bitcoin makes it a likely alternative. Steven Lubka, the managing director and head of private and family offices at Swan Media, noted that Citi, Merrill Lynch, Edward Jones and UBS have adopted a similar approach.
Pullix (PLX), a new hybrid cryptocurrency exchange, is set to make a significant impact in the DeFi ecosystem. Pullix aims to combine the best aspects of centralized (CEX) and decentralized (DEX) exchanges, with a focus on incentivising customers to provide liquidity through unique rewards and a robust security structure. The Pullix whitepaper suggests that the exchange will offer a user-friendly system with access to a range of global trading assets, including cryptocurrency, stocks and commodities. Pullix also plans to introduce a unique revenue-sharing mechanism powered by the PLX token, which would make it the first platform to share daily revenue with its users as they trade and provide liquidity to market makers. The PLX token presale is currently in stage 6, with 60% of the fixed supply of 200 million PLX allocated to the community during this sale. Following the presale, the tokens will be available on major exchanges.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Steven Lubka |
| Companies | Pullix, UBS, Fidelity Investments, Swan Media, Citi, Edward Jones, Vanguard, Merrill Lynch |
| Currencies | Bitcoin, TokenFi |
| Securities | None |
