Fidelity International Bitcoin ETP reaches Europe

Fidelity International Bitcoin ETP reaches Europe

Another Bitcoin product called Fidelity-traded Bitcoin product was launched-just not what some US investors are waiting for.

The Fidelity International based on Bermudas, which manages around $ 800 billion in customer assets, introduces the Fidelity Physical Bitcoin ETP (FBTC) for its professional and institutional customers in Europe.

once a subsidiary of the Fidelity Investments based in the USA, Fidelity has been working independently of the company since 1980.

According to the company, the offer was traded on the German Stock Exchange Xetra in Germany on Tuesday and is to be traded at the Six Swiss Exchange in the coming weeks. FBTC costs investors 75 basis points.

Distributed-Ledger technology has the potential to revolutionize the financial system and to disturb many parts of the financial world with profound effects on investors, said Christian Staub, Managing Director of Fidelity International, in an explanation.

"We initially offer investors access to the world's largest cryptocurrency Bitcoin, but we are constantly checking our product range and will consider further products and services depending on the customer issue," said a spokesman for Fidelity International in an email to block works.

fidelity Digital Assets, a company that Fidelity Investments founded in 2018, acts as a retainer of the Fidelity Physical Bitcoin Etp.

A Fidelity Digital Assets survey published last year showed that around 90 % of the institutional investors interested in digital assets assume that they have an allocation in this area within the next five years.

The Canadian subsidiary of Fidelity Investments launched an ETF in December that invests directly in Bitcoin.

Despite the numerous introductions of spot crypto ETPs abroad in the past few months, the Securities and Exchange Commission has not yet approved a spot crypto ETF in the United States. The agency contested Origin Bitcoin Trust of Fidelity Investments in the last month.

"We reaffirm our belief in the market maturity for a physical stock exchange-traded Bitcoin product and look forward to the further constructive dialogue with the Sec," a spokesman told Blockworks.

While Fidelity Investments-with almost 4.5 trillion of free-available assets on December 31-is waiting for his US Spot Bitcoin product, it applied for two ETFs that would invest in companies that work in the meta-versions and the broader crypto industry.

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The Post Fidelity International Bitcoin Etp Hits Europe is not a financial advice.