Fidelity is launching its first Bitcoin Exchange- Traded Product (ETP) in Europe.

The product is yet to be approved by the US and several asset managers have seen their proposals rejected in previous times.

Highlights

• Bitcoin ETP will also be presented on the Six Swiss Exchange soon.

• The digital assets are expected to collect 70 percent of an institutional investor.

• The cryptocurrency Bitcoin is currently trading at $40,429 (INR 30.19 lakh).

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Fidelity International has launched its first Bitcoin tracker in Europe as the British investment manager taps into rising demand for exposure to digital currency.

Now the Fidelity first Bitcoin is ready to use for the asset manager’s professional and institutional investors in Europe, it has started to trade at Deutsche Borse Xvetra on Tuesday.

Fidelity said that the Bitcoin ETP will also be available to trade in more countries and it will debut in more than six Swiss exchanges in the upcoming weeks.

The head of the ETFs Company Nick King said about the first Bitcoin “ETP launch is the first step in our digital assets product capability.”

 The decision for launching such assets is taken when Fidelity has made a survey for the intention and vision of investors and it found that more than 70 percent of the investors are wanting to invest their money in such digital currency.

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In the next five years, the percentage is going to be higher around 90% as more clients are not willing to invest in such assets, revealed in the survey.

The ETF Bitcoin spot is yet to be approved in the US as many other asset managers have witnessed the rejection of the proposals for listing the Fidelity-based Bitcoin in the crypto exchange platform.

Bitcoin price in current time is trading around at $40,429 (Rupees 30.19 lakh), the price has been halved from its previous price in last month.

The Bitcoin, Cryptocurrency price has been cut down in the last month due to several reasons and one of them is the regulators of many countries made a strict rule and also disagree to validate the use of unverified currency in the country.

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