Fidelity International Launches Physical Bitcoin ETP in Zurich - BitcoinEthereumNews.com
Fidelity Internationals top priority is to provide investors with a novel asset class at a competitive price. London-based Fidelity International launches a new bitcoin exchange-traded product (ETP) to satisfy the appetite for virtual currency amongst Europeans. The exchange-traded product will be a physical bitcoin exchange-traded product called Fidelity Physical Bitcoin ETP. Both professional and institutional investors can invest in this German-domiciled product. Fidelitys Physical Bitcoin ETP is listed on Xetra in Frankfurt. The product will trade on the SIX stock exchange in Zurich, Switzerland. The custodian for the ETP is Fidelity Digital Assets. The ETP has a charge figure of 0.75% and $6M in assets. The “physically-backed” bitcoin will be held by Fidelity Digital Assets. Eurex Clearing will offer clearing services, and Brown Brothers Harriman will be the administrator and transfer agent. Fidelity Digital Assets is an offshoot of US-domiciled Fidelity Investments. The European managing director of Fidelity opines that blockchain technology has the ability to disrupt the financial world with “profound implications for investors.” Fidelity Investments offers a physical bitcoin ETF, domiciled in Canada, that has $30M in assets. Interest is high in Europe A Fidelity Digital Assets survey revealed that institutional interest in digital assets was high. The survey suggested that 70% of