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Fidelity rolls out Europe’s cheapest physically-backed Bitcoin spot ETP

Fidelity rolls out the cheapest physically-backed Bitcoin spot ETP in Europe

Investment management giant Fidelity International has launched a spot Bitcoin exchange-traded product (ETP) in Europe, marking the company’s entry into the region’s crypto space. 

The Fidelity Physical Bitcoin ETP (FBTC), dubbed the cheapest  in Europe, will be listed on the Deutsche Boerse and Frankfurt Stock Exchange, ETF Stream reports

The product comes with a total expense ratio (TER) of 0.75% alongside SEBA Bank’s Bitcoin Tracker Certificate USD (SBTCU). 

Additionally, the product is expected to earn listings on six other exchanges within the coming weeks. 

Fidelity Digital Assets will act as the custodian for the FBTC while Eurex Clearing has been mandated to centrally clear the product.  Elsewhere, Fidelity will use Brown Brothers Harriman as the administrator of transferring the ETP. 

Additionally, the ETP targets both institutional and professional clients. According to Fidelity, it launched FBTC after a survey showed that 70% of institutional respondents plan to venture into cryptocurrencies.

“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,” said Christian Staub, managing director for Europe at Fidelity International.

Increasing rolling out of crypto products

This comes after Fidelity recently submitted an application seeking approval for an exchange-traded fund (ETF). According to the investment firm, the product will monitor the performance of public firms developing and marketing products for the metaverse.

Fidelity now joins other firms increasingly rolling out various ETPs across Europe amid rising demand in the market. For instance, In November 2021, asset management firm Invesco rolled out its Invesco Physical Bitcoin ETP (BTIC) on the Deutsche Boerse. 

As reported by Finbold, DeFi Technologies, through its subsidy, Valour rolled out Polkadot (DOT) and Cardano (ADA) ETPs.

Trading began on February 14, 2022, following the listing on the Frankfurt stock exchange. 

The two ETPs target both retail and institutional investors across Europe. 

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