Financial giants Fidelity, UBS and State Street Global Advisors have confirmed they are working on offering exposure to cryptocurrencies, like bitcoin (EXANTE: Bitcoin), the Financial Times (FT) has learned.
A spokesperson for Fidelity told FT the company is "keeping close to the evolution of cryptocurrencies [...] as part of a wider exploration of the potential for digital assets, and the distributed ledger technology that sits behind them."
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Clemens Reuter, Global Head of ETFs at UBS Asset Management, admitted that cryptocurrencies is an area "everyone needs to look at the moment." However, Reuter noted the banking giant has not decided to launch anything crypto-related so far.
According to data by Morningstar, a financial services firm, assets in European ETPs and mutual funds focused on cryptocurrencies have topped $11.8 billion (€10.5 billion). The ETPs and funds have achieved an annualized return of 116.3% over three years, the data show.
As iHodl earlier reported, Asia-Pacific family offices are planning to increase their investments in riskier assets like cryptocurrencies next year. According to data from the 2021 Global Family Office Report, 38% of Asian family offices said they would increase their exposure to cryptocurrencies in 2022.
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