A company that serves over 100,000 wealth managers can now invest in bitcoin through a partnership with NYDIG.
SIMON collaborates with NYDIG to provide institutional-grade custody to their customers and offers an education portal. SIMON Markets LLC has formed a relationship with New York Digital Investment Group LLC (NYDIG) to develop a custodial service that will include features such as bitcoin-backed borrowing, according to Business Wire. SIMON’s wealth managers advise clients with a combined asset value of more than $5 trillion.
SIMON will significantly benefit from NYDIG’s comprehensive solutions for providing institutional-quality custody and execution services to its clients. This new alliance will instill trust in financial managers, enabling them to enter the bitcoin industry and provide their clients with the cutting-edge products and advice they expect.
Additionally, the release mentioned the introduction of a bitcoin education portal targeted specifically at financial managers. Additionally, a “new approach to product access via passive private investment instruments” is expected to be introduced in the near future.
“Our relationship with SIMON will provide many advisers with their first exposure to bitcoin — safely and seamlessly integrating it into alternative asset allocations through SIMON’s best-in-class, holistic wealth management experience,” NYDIG CEO Robert Gutmann stated. “As market demand for clarity surrounding bitcoin increases, advisers will play an increasingly essential role in assisting clients in investing responsibly, and establishing the regulatory framework necessary to accomplish that is the first step.”
According to NYDIG’s survey, 82 percent of clients today expect their advisors to be aware of bitcoin. With 62% of clients indicating they would switch advisors to get this expertise, there is a clear demand for bitcoin education.
“There is a reason financial institutions are making bitcoin more accessible to their customers, and a reason they have chosen to join with NYDIG – a pioneer in research and technology,” SIMON CEO Jason Broder explained. “SIMON is thrilled to harness NYDIG’s extensive knowledge to increase transparency surrounding a new asset class with enormous portfolio construction potential. Our goal is to broaden the reach of digital assets, beginning with education.”
Also Read: Bytedance To Enter The NFT Market
Wallets