Fidelity Digital Assets, and Fidelity itself, is continuing on its path of becoming the go to crypto mainstream institution with the launch of its Bitcoin Spot ETP.  Fidelity has officially launched their first spot bitcoin ETP in Europe. There is no turning back once the trillion dollar asset managers get in the game. (h/t @EricBalchunas) […] The post Trillion Dollar Asset Manager Fidelity Launches Their First Bitcoin Spot ETP appeared first on CryptosRus.

Trillion Dollar Asset Manager Fidelity Launches Their First Bitcoin Spot ETP

Fidelity Digital Assets, and Fidelity itself, is continuing on its path of becoming the go to crypto mainstream institution with the launch of its Bitcoin Spot ETP. 

Fidelity International, an arm of Fidelity Investments, launched its Bitcoin Spot ETP in Europe. It’s being championed as the “joint” cheapest exchange Bitcoin-related product, alongside the SEBA Bank’s SBTCU product.

Recommended: Fidelity Says Bitcoin Is Superior Money

  • “As this technology becomes increasingly accepted, our clients are rightly asking for an efficient way to benefit from this trend. FBTC offers clients an institutional quality solution to enter the market in a familiar, simple and secure way,” Christian Staub of Fidelity International said.
  • The Bitcoin Spot ETP, named Fidelity Physical Bitcoin ETP (FBTC) will be composed of physically-backed Bitcoin. This is not the first European-based physically backed Bitcoin traded product. The FBTC will launch in the “coming weeks.”
  • Although Fidelity International is at the helm of FBTC, Fidelity Digital Assets will act as the custodian for the Bitcoin Spot ETP.
  • ETFs (exchange traded fund) are a type of ETP (exchange traded product). ETP is the umbrella term for all such products.
  • Eric Balchunas of Bloomberg pointed out how cheap the European ETPs are compared to the American equivalents like the non-ETP GBTC (Grayscale Bitcoin Trust): “The general range over there is about 1%. And then over here $GBTC is 2% and SMAs are 1-2%.”
  • The U.S. still doesn’t have a physically-backed Bitcoin ETF. This, despite the fact that countries like Canada, Australia, and continents like Europe, have, or are in the process of, approving physically backed Bitcoin ETFs.

 

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