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Asset manager Vanguard has blocked its customers from purchasing spot Bitcoin ETFs via its platform.
That came as the ETFs began trading on Thursday and some people have said they will exit Vanguard.
Meanwhile, headlines in coming months could focus on Pullix, a new hybrid exchange currently in presale.
As crypto celebrates the approval of the first spot Bitcoin ETFs in the US, the broader feeling is that this puts the industry on the cusp of further regulatory clarity.
Within this scope are also the projections of a thriving crypto trading market, with the key sector of decentralized finance (DeFi) among those to see greater traction. It’s for this that the upcoming launch of the new hybrid crypto exchange Pullix (PLX) has the industry thrilled.
Vanguard blocks purchases of spot Bitcoin ETFs
Amid the frenzy that was the first day of trading for spot Bitcoin ETFs, reports emerged that asset manager Vanguard was blocking its customers from purchasing the crypto ETF products.
The move has seen some customers threaten to ditch the asset manager for competitor Fidelity Investments. Will this be enough to persuade Vanguard to change its stance, or will Fidelity, other providers, benefit from the status quo?
While the firm is within its rights to dictate the use of its platform, its outlook on crypto with the latest stance has agitated a number of customers. Many have posted on X that they are willing to switch to another platform, with Fidelity’s support for Bitcoin making it a likely destination.
A screenshot Bitcoin Archive shared shows several people saying they were exiting the platform.
Vanguard refuses to let customers buy #Bitcoin ETFs with their own money.
So customers are closing their accounts‼️ pic.twitter.com/11o1tOHR9S
— Bitcoin Archive (@BTC_Archive) January 11, 2024
Steven Lubka, the managing director and head of private and family offices at Swan Media, noted in a Thursday post Citi, Merrill Lynch, Edward Jones and UBS had taken a similar approach.
New hybrid exchange Pullix launching soon
Pullix (PLX), a new hybrid cryptocurrency exchange, is eyeing a major impact in the DeFi ecosystem.
Designed to offer the best of both centralized (CEX) and decentralized (DEX) exchanges, Pullix aims for dominance with a simple yet effective approach – incentivising customers to provide liquidity by offering unique rewards and capturing markets with a robust security structure.
Is it a complex platform? According to the Pullix whitepaper, the exchange will offer a user-friendly system with access to global trading assets, including cryptocurrency, stocks and commodities.
Apart from its focus on customer security and liquidity, Pullix also has a distinct revenue-sharing mechanism powered by the PLX token. In this regard, the new exchange bids to be the first platform to provide a share of daily revenue to its users as they trade and provide liquidity to market makers.
The PLX token presale is ongoing, currently in stage 6, with the community allocated 60% of the fixed supply of 200 million PLX during this sale. Afterwards, the tokens will be available on major exchanges.
Visit Pullix’s website to learn more.
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