Chainlink co-founder expects ETF narrative to play into other coins

Source Fxstreet
Apr 20, 2024 02:12
  • Chainlink co-founder Sergey Nazarov said ETF dynamic would continue growing as he expects other crypto coins to have ETFs.
  • Apart from Ethereum, Bitcoin forks could see quick ETF approval.
  • Nazarov also expects real-world assets to bring synergy between TradFi and Web3.

Sergey Nazarov, co-founder of blockchain oracle platform Chainlink, gave his opinion on the future of the crypto ecosystem on Friday, expecting more ETFs representing other cryptocurrencies to launch this year. He also shared his take on the real world assets narrative that's currently heating up in the market.

Also read: Honk Kong could beat the US in allowing in-kind creations and redemptions for spot Bitcoin ETFs

More crypto ETFs could launch this year

In an interview with Cointelegraph at the Token2039 event in Dubai, he stated that exchange-traded funds (ETFs) could stand out more and be very instrumental in the widespread adoption of web3.

According to Nazarov, the approval of spot Bitcoin ETFs indicates the possibility for issuers to file for ETFs of other coins. He says this is "more about coins other than Bitcoin and Ethereum." He further mentioned that the ETF landscape is expected to "just grow and grow and grow."

Read more: Bitcoin ETF success could see Ethereum alternative soon, says Jim Cramer

Apart from Ethereum, crypto community members have previously stated that there may be a chance for Bitcoin forks like Litecoin and Dogecoin to see ETF approval. This is because their respective blockchains function similarly to Bitcoin, which has already been approved by the US Securities & Exchange Commission (SEC).

In a further statement, Sergey commented on tokenized real-world assets (RWA) and explained how they would be instrumental in bringing synergy between traditional financial services and web3 services. He believes that both systems will need one another in the long run.

Also read: XRP ETF is likely to get approved before Ethereum: Valkyrie Funds CIO

"Eventually, I expect the web3 assets to be bought by the banks, and the bank assets to be bought by the web3 protocols for various reasons why they would want each other's assets," said Nazarov. He also explains how the crypto space keeps "pushing the limits on what's possible, " stating that all of these will take effect within three to four years.

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