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HomeNewsGrayscale Cancels Ethereum ETF Application, Enthusiasm Builds for Polkadot Rival

Grayscale Cancels Ethereum ETF Application, Enthusiasm Builds for Polkadot Rival

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According to a notice by the US SEC, Grayscale Investment’s proposal to list ETFs tied to Ether’s price has recently been withdrawn. This withdrawal was made by NYSE Arca, the platform that Grayscale wanted to use to list the ETF had it been approved. While this has raised concern in the crypto space, another event is drawing the attention of the community. 

Polkadot has been one of the top altcoins popularly known as ‘Ethereum killers.’ But now Polkadot has a new rival, an AI crypto called Borroe Finance. The performance and potential of this project have spiked excitement in the crypto community.

>>BUY $ROE TOKENS NOW<<

Borroe Finance: A New Rival Arising

Borroe Finance ($ROE) is an AI-powered fundraising marketplace developed on the Polygon blockchain, which aims to enable web3 businesses and companies to raise instant cash by selling future earnings to interested buyers at discounted prices. 

One way to know a crypto project with the potential to have a high ROI is by its performance in its early stages. So far, Borroe Finance has exceeded expectations, with the platform raising more than $4.5 million in its final presale stage.

$ROE is expected to be listed at $0.025 in Uniswap, a DEX (decentralized exchange). New investors will enjoy gains, while early investors can enjoy up to 150% ROI. This creates a fear of missing out which persuades many to join the wagon.

Analysts believe $ROE is going to give investors exponential returns. Strong roadmap and tokenomics support this forecast. They have also sold over 300 million tokens.

Moreover, Borroe Finance offers lots of benefits for $ROE token holders such as priority notifications, discounts, exclusive access to certain features, etc. Also, Borroe Finance uses token burn strategies to increase the scarcity of the tokens and grow the value of $ROE.

>>BUY $ROE TOKENS NOW<<

Grayscale ETF Proposal Withdrawn

A US Securities and Exchange Commission notice dated Tuesday states that cryptocurrency asset management Grayscale Investments withdrew its proposal for an exchange-traded fund linked to ether futures last week. 

Asset managers are concerned about this move since they believe the SEC will probably reject their petitions after discussions with the regulator, according to Reuters. An important turning point in the US crypto investment industry was reached in October of last year when some investment managers introduced futures-based ETFs correlated to the value of ether. 

Expecting to profit from the growing market for cryptocurrency investment products, Grayscale joined the battle in September by submitting its ETF application. Grayscale’s proposal to convert its existing Grayscale Ethereum Trust into a spot ether ETF is still pending. 

Grayscale argued in its application that since the SEC approved ether futures ETFs, it should also approve ETFs tied to Ether’s price since futures prices are derived from the spot market. After the SEC postponed its ruling, the result of its consideration is unclear, nevertheless as NYSE Arca withdrew the application just two weeks before the approval of the proposal.

Conclusion

Grayscale Investment has withdrawn its application for Ethereum ETF which has raised concerns among asset managers. The reason for this is uncertain and what will happen next is undecided. Polkadot and other altcoins have a new rival, Borroe Finance, an altcoin with a solution to web3 business funding. The primary reason for the attention Borroe Finance has been commanding is its numerous benefits and its real-world solutions. 

Learn more about Borroe Finance ($ROE) here:

Visit Borroe Finance Presale | Join The Telegram Group | Follow Borroe Finance on Twitter

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John Kiguru
John Kiguru
John Kiguru is an accomplished editor with a strong affinity for all things blockchain and crypto. Leveraging his editorial expertise, he brings clarity and coherence to complex topics within the decentralized technology sphere. With a meticulous approach, John refines and enhances content, ensuring that each piece resonates with the audience. John earned his Bachelor's degree in Business, Management, Marketing, and Related Support Services from the University of Nairobi. His academic background enriches his ability to grasp and communicate intricate concepts within the blockchain and cryptocurrency space. Business Email: info@ethnews.com Phone: +49 160 92211628
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