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SIMON and NYDIG partner to deliver Bitcoin Education and Investments

By Edlyn Cardoza

August 27, 2021

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SIMON, NYDIG, Digital Assets, USA, FinTech, Open BankingSIMON Markets LLC, a FinTech company transforming the digital wealth management landscape through its platform for financial professionals, recently announced a new partnership with NYDIG — a technology and financial services firm dedicated to Bitcoin, to launch first-to-market bitcoin education designed for wealth managers, and an innovative approach to product access through passive private investment vehicles that is coming soon. The two firms also announced that they would be collaborating on a custody offering integrated directly into the SIMON platform that will enable greater flexibility and more options for advisors and clients – such as next generation services like bitcoin-backed borrowing.

This timely development, strategically aligned with market demand and evolving regulatory standards, positions SIMON to launch a framework and workflow for wealth managers to access digital assets with curated educational curricula, tracking, and product controls. Set to launch in two phases, both the educational and investment marketplace initiatives will be available exclusively on SIMON’s digital platform, which delivers a state-of-the-art product education, selection, analysis, and management experience for risk-managed and alternative investment solutions to financial professionals and wholesalers across the U.S.

While retail investors are crypto-curious, many professionals don’t yet have compliance-approved resources to learn about Bitcoin, how it works, and the opportunities that exist to help clients make more informed portfolio allocation decisions. With the growing interest in blockchain technology and digital assets, knowledge of both is increasingly as paramount to a financial professional’s future as other alternative investments. With NYDIG’s integrated solutions, advisors on the SIMON platform can provide their clients with access to the same institutional-quality custody and execution services utilized today by the industry’s largest and most demanding capital allocators. Advisors and their clients will benefit from NYDIG’s industry-leading standards for regulation, auditability, and compliance.

“As market demand grows for clarity around Bitcoin, advisors will play an increasingly critical role in helping clients invest safely, and delivering the regulatory mechanisms to make that possible is the first step,” said Robert Gutmann, co-founder, and CEO of NYDIG. “Our partnership with SIMON will give many advisors new access to bitcoin for the first time – making it safe and seamless for them to fold bitcoin into alternative asset allocations with SIMON’s best-in-class, holistic wealth management experience.”

A recent NYDIG survey found 82% of clients expect their advisors to be knowledgeable about new asset classes like Bitcoin, and 62% would switch advisors to get advice.

Jason Broder, CEO of SIMON, added: “Digital currencies are increasingly in focus across the wealth management industry. There’s a reason financial institutions are making Bitcoin more readily available to clients, and a reason they choose to partner with NYDIG – a leader at the forefront of research and technology. SIMON is excited to leverage NYDIG’s tremendous experience to build transparency around an emerging asset class that has huge potential in portfolio construction. Our ambition is to expand the reach of digital assets, which starts with education.”

By focusing on the product education and performance analytics needs of wealth managers, SIMON’s centralized platform is designed to empower financial professionals to manage portfolio allocations and articulate them with confidence. The new partnership with NYDIG delivers an innovative, scalable approach for the wealth management industry to explore Bitcoin and prepare for upcoming marketplace access and product arrivals.

Recently, IBS Intelligence reported that SIMON Markets LLC, had closed the first leg of a strategic financing round of up to $100 million of growth capital.

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