21.co has added a traditional finance veteran to lead its US business, a move that comes as the US Securities and Exchange Commission mulls over planned spot crypto ETFs the firm seeks to launch alongside Ark Invest.
The largest crypto ETP issuer has appointed Kevin Marsh as head of the United States — a hire that signals the firm’s commitment to the country despite the SEC’s repeated opposition to allowing a spot bitcoin ETF.
21.co subsidiary 21Shares, based in Switzerland, already offers a range of crypto products in Europe. It first teamed up with Cathie Wood-led Ark Invest in 2021, and the two companies have filed for seven crypto products in front of the US securities regulator.
The SEC’s decision on the planned Ark 21Shares Bitcoin ETF, which would hold bitcoin directly, is due by Jan. 10.
Read more: Ark anticipates win in US crypto ETF battle with ‘deepest’ suite, COO says
“As 21.co enters the US market, it’s imperative to introduce professional buyers to the 21Shares brand, our cutting-edge research team and how these offerings provide meaningful value to portfolio construction in a way that builds trust and confidence,” Marsh said in a statement.
21.co’s hire of Marsh “signifies our commitment to growth and global expansion,” Isabell Moessler, the firm’s global head of distribution, added in a statement. It follows the company earlier this month nabbing former State Street Global Advisors executive Mandy Chiu to be its head of financial product development, a newly created role.
Marsh was most recently at Invesco US, where he led a team tasked with offering practice improvement resources to registered investment advisers (RIAs), custodial partners and asset owners, according to his LinkedIn page.
He also held leadership roles at Invesco ETF-focused subsidiary PowerShares and finished his nearly decade-long career at Fidelity Investments as its director of business development and marketing.
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Source: https://blockworks.co/news/21-co-sec-spot-crypto-etf