SIMON Markets LLC has partnered with New York Digital Investment Group LLC (NYDIG) to work together on a custody offering that includes features such as bitcoin-backed borrowing, Business Wire reports. SIMON’s asset managers serve clients with total assets of more than US $ 5 trillion.
SIMON will benefit massively from NYDIG’s integrated solutions in order to offer its customers custody and execution services in institutional quality. This new partnership will give wealth managers the confidence they need to immerse themselves in the Bitcoin space and provide their clients with the modern products and advice they need.
The announcement also indicated the launch of a Bitcoin education platform specifically designed for wealth managers. As well as an “innovative approach to product access through passive private investment vehicles” that is reported to be coming in the near future.
“Our partnership with SIMON will give many consultants new access to Bitcoin for the first time – and enable them to securely and seamlessly integrate Bitcoin into alternative asset allocations with SIMON’s first-class, holistic wealth management experience,” commented NYDIG CEO Robert Gutmann. “As the market demand for clarity about Bitcoin grows, advisors will play an increasingly important role in helping clients invest safely, and providing the regulatory mechanisms to make this possible is the first step.”
NYDIG completed a survey that 82% of customers today expect their advisors to be knowledgeable about Bitcoin. Since 62% of customers stated that they would change consultants in order to gain this knowledge, the demand for Bitcoin training is evident.
“There’s a reason financial institutions are making Bitcoin more accessible to their customers and a reason they are choosing to partner with NYDIG – a leader in research and technology,” said Jason Broder, CEO of SIMON. “SIMON is pleased to use NYDIG’s vast experience to create transparency around an emerging asset class that has enormous potential in portfolio development. Our goal is to expand the reach of digital assets, which starts with education. “