- New York Digital Investments Group (NYDIG) is a financial services and technology firm dedicated to cryptocurrencies, especially Bitcoin.
- The Simon Wealth advisor firm is another financial services company with 100,000 wealth advisers.
- The Simon group has partnered with NYDIG to make investments in Bitcoin and other cryptocurrencies.
What did the companies announce?
The SIMON markets LLC has announced its partnership with NYDIG to launch the first ever market-bitcoin education designed for the wealth advisers and managers at the SIMON group. This project will educate the managers to generate passive returns from investments in Bitcoin.
The two companies also announced that they are in talks to launch a joint-custody service integrated with the SIMON platform. This service will be beneficial in offering Bitcoin-backed borrowings to clients on a larger scale.
To generate good returns from a volatile asset such as Bitcoin, the SIMON group needed to educate its managers, mostly traditional, about the operations of Bitcoin and price fluctuations. The program will be launched in two phases. The educational content and investment strategies will be available on SIMON’s digital platform. This content will be accessible globally by crypto-enthusiasts, wealth managers and other advisors.
The SIMON group was of the opinion that with the growth of blockchain technology and cryptocurrencies, the wealth advisors at the firm should be aware of the same. In addition to this, the clients also expect the advisors to have more knowledge about Bitcoin than they do. The clients rely on the managers to help them make investment decisions so as to be financially free in the future. Cryptocurrencies have become the best performing asset class in the decade with Bitcoin giving unprecedented returns.
Thus, for all these reasons, the group has established its partnership with the leading crypto service provider in America, NYDIG. The partnership will set a standard of authenticity of knowledge advisors should possess about the most profitable asset of the decade.
What are the opinions of the companies?
The CEO of NYDIG opined the following things:
“As market demand grows for clarity around Bitcoin, advisers will play an increasingly critical role in helping clients invest safely, and delivering the regulatory mechanisms to make that possible is the first step. 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.”
The CEO of SIMON also had a few things to say about their newly established partnership:
“Digital currencies are increasingly in focus across the wealth management industry. There is a reason why 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 the emerging asset class that has huge potential in portfolio construction. Our ambition is to expand the reach of digital assets, which starts with education.
What are the benefits of this product?
- Knowledge is power. This partnership intends to highlight this statement clearly.
- The partnership will seek to encourage clients and advisors to gain more knowledge about the working of Bitcoin.
- Advisors will be able to provide authentic advice to their clients regarding investments in Bitcoin.
- Clients will benefit the most as they will receive sound advice from knowledgeable managers.
- People will gain awareness about cryptocurrencies and Bitcoin specifically.