State Street Global Advisors, one of the world's largest investment managers, has partnered with Galaxy Asset Management to launch exchange-traded funds that provide exposure to crypto companies, according to its announcement on Wednesday.

According to SSGA’s application with the U.S. Securities and Exchange Commission, the new fund is named the SSGA Active Trust. The application is still pending approval from the regulator.

The fund plans to invest in crypto companies’ equity securities, crypto futures ETFs and contracts and spot crypto ETPs, according to the registration filing. Its scope of crypto companies include blockchain software developers, bitcoin miners, exchanges and crypto payment processors.

The companies identified a need for such a product as it saw rising demand for …