Fidelity International has rolled out its first investment offering designed to track bitcoin in Europe amid increased demand from investors for exposure to digital currencies, reported Reuters.

Fidelity Physical Bitcoin exchange-traded product (ETP), which began trading on the Deutsche Börse Xetra last week, is offered to the firm’s professional and institutional clients across Europe.

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It is expected to launch physical bitcoin ETP on the SIX Swiss Exchange in the upcoming weeks.

US-based Fidelity Investments’ digital assets arm of Fidelity Digital Assets will act as custodian for the ETP, according to Financial Times report.

The launch is said to follow a recent Fidelity Digital Assets survey, which showed that 70% of institutional investors are hoping to buy or invest in digital assets in the future.

According to this survey, over 90% of those interested in digital assets are interested to have an allocation in their institution’s or clients’ portfolios in the next five years.

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Fidelity International ETFs head Nick King said that the ETP launch is the first step in the company’s digital assets product capability.

The US, which is yet to approve a spot bitcoin ETF, has rejected proposals by a number of asset managers.

Fidelity’s proposal to list Wise Origin Bitcoin Trust was rejected last month by US regulators.

In September last year, investment management firm Invesco forged an alliance with upstart digital asset firm Galaxy to launch a range of funds backed by cryptocurrencies including bitcoin.

The partnership intended to launch ‘a suite of US-listed, physically backed, digital asset’ funds.