Bitwise is preparing to launch an exchange-traded fund based on Uniswap, The Block reported on Feb. 5.
Bitwise submitted registration documents to the U.S. Securities and Exchange Commission to launch a Uniswap ETF. The ETF tracks the value of the UNI token.
Uniswap is an Ethereum-based decentralised exchange, a platform that allows token swaps without an intermediary. UNI is the governance token of the Uniswap protocol and ranks in the top 40 cryptocurrencies by market capitalisation. Bitwise plans to offer a product that directly reflects Uniswap's value through the ETF.
If the SEC approves it, Coinbase Custody Trust Company is expected to handle custody for the Bitwise Uniswap ETF. The fund currently does not include staking, but that could change in the future, Bitwise said.
Chi-gyu Hwang
delight@d-today.co.kr