Asset management firm Grayscale Investments is reportedly pushing for European expansion for crypto funds. As per reports, CEO Michael Sonnenshein suggested that Grayscale is meeting with local partners to discuss entering the European market.
However, no decisions have been made as to which countries or exchanges will be chosen, added Sonnenshein.
The European crypto fund market has become more competitive in recent months, with exchange-traded products (ETP) listed in Switzerland, Germany and elsewhere by firms such as 21Shares.
With crypto firms rushing to European crypto funds, European users are increasingly turning to the decentralized services and unbacked crypto-assets such as Bitcoin (BTC) and Ethereum (ETH).
As of March, 73 crypto ETPs had been approved in Europe, with a total of $7 billion in assets.
Moreover, Grayscale had also applied for a Bitcoin exchange-traded fund (ETF) in the U.S. but has been annoyed by the Securities and Exchange Commission (SEC).
In view of this, there were reports hinting that Grayscale might sue the SEC if it rejects the ETF application this time.
Interestingly, the U.S. markets regulator has approved only four bitcoin futures ETFs until now.
