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Fidelity International has joined the crypto space after it launched the joint-cheapest Bitcoin exchange-traded product (ETP) in Europe.

The Fidelity Physical Bitcoin ETP (FBTC) is listed on the Deutsche Boerse and Frankfurt Stock Exchange with a total expense ratio (TER) of 0.75%, the joint-cheapest on the European market along with SEBA Bank's Bitcoin Tracker Certificate USD (SBTCU). FBTC is set to list on the SIX Swiss Exchange in the coming weeks.

The financial institution said it launched FBTC for institutional and professional clients after a Fidelity digital Assets survey. The survey found that 70% of institutional respondents aim to invest in digital assets in the future.

Christian Staub, managing director for Europe at Fidelity International, said: “The underlying Distributed Ledger Technology (DLT) has the potential to revolutionize the financial system over time and disrupt many parts of the financial world with profound implications for investors.

“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.” He added.

Fidelity is the latest ETF issuer to get involved with the rapidly developing digital assets market. Last November, US giant Invesco unveiled the Invesco Physical Bitcoin ETP (BTIC) which is listed on Deutsche Boerse.