Several large investment companies, including Fidelity, UBS and State Street Global Advisors, are exploring the possibility of launching cryptocurrency products.
The Financial Times notes that the volume of cryptocurrency investment products in Europe is over 10 billion euros. The head of SPDR, a subsidiary of State Street Global Advisors for trading exchange-traded funds in the markets of Europe, the Middle East and Africa, Matteo Andreetto, said that the company is actively exploring the cryptocurrency space.
“Clients are asking not just for the opportunity to invest in cryptocurrencies, but for the launch of their own SPDR product. They value our reliability and safety, ”said Andretto.
A Fidelity spokesperson also announced interest in the cryptocurrency space. At the same time, the company has a subsidiary company, Fidelity Digital Assets, which specializes in digital assets.
“Cryptocurrencies is an area that needs to be studied now. But at the moment we have not decided to launch any product, ”said Clemens Reuter, head of ETF department at UBS Asset Management.
Company representatives also note the difficulties associated with entering the cryptocurrency market. The sphere is under-regulated and not very well developed yet. Clients of large investment companies require the highest level of security and the development of such solutions takes a long time.
Jose Garcia-Zarate, Deputy Director of Passive Strategy at Morningstar, expects to launch a large number of new cryptocurrency products in the coming months. According to him, now this is a popular trend among investment companies, however, he is not too sure about the need for such products. He warned investors that it is necessary to be extremely careful when investing in such funds and products.
Be that as it may, according to Morningstar, over the past 12 months, the income of cryptocurrency investment products in the European market averaged 461%. Over the past three years, the average income has reached 116%.
Earlier, cryptocurrency enthusiast and founder of Morgan Creek Digital, Anthony Pompliano, said that institutional investors will spur the adoption of cryptocurrencies and the introduction of digital assets in all industries.
