Fidelity introduces physical bitcoin ETP in Europe

In response to digital assets,

fidelity International has launched a physical stock market-traded Bitcoin product.

The product launch takes place three months after Investco has launched its own Bitcoin ETP in the middle of a growing willingness of large asset managers to enter the cryptocurrency arena.

fidelity's physical Bitcoin ETP, which will be available to professional and institutional investors in Europe, is domiciled in Germany and listed on Xetra in Frankfurt. The product will be traded at Zurich Six in the coming weeks.

fidelity Digital Assets, the digital assets branch of the Fidelity Investments based in the USA, will act as a custodian for the ETP.

nick King, Head of Exchange Traded Funds in the $ 813 billion asset managers, said the introduction was an "important further development" of the ETP offer of its company and the first step towards its "product capacity for digital assets".

The ETP has a current fee of 0.75 percent and was launched with a fortune of around $ 6 million.

Christian Staub, Managing Director for Europe at Fidelity, said that the distributed Ledger technology underlying the ETP has the potential to revolutionize the Financial system over time and to disturb many parts of the financial world with profound effects on investors.

A survey recently carried out by Fidelity Digital ASSETS showed that 70 percent of institutional investors expect to buy or invest digital assets “in the near future”.

More than 90 percent of those surveyed who were interested in being interested in digital assets expected an allocation in the investment class within the next five years.

The start takes place after Fidelity Digital Assets received the official registration status at the British supervisory authority at the end of last year, the Financial Conduct Authority, for his business with the custody and trade execution of digital assets.

The digital assets area of ​​Fidelity Investments was previously listed as a temporary member of the FCA register, but has now been moved to the permanent register of the watchdog.

fidelity Digital Assets initially started its services for digital assets for institutional investors in the USA, but founded a European branch in London at the end of 2019.

At the beginning of December, Fidelity Investments started a physical Bitcoin ETF based in Canada with a fortune of $ 30 million.

*Ignites Europe is a intelligence service published by FT Specialist for experts who work in the asset management industry. It covers everything, from the introduction of new products to regulations and industry trends. Test versions and subscriptions are available at Igniteseurope.com .