• Fidelity, the solution that first allows for custody and trade of Bitcoin in this country is now available to institutions investors.
• Fidelity already offers other ETFs and mutual funds because of the demand from investors.
• The company plans to offer products to retail customers in the near future.

Canada’s financial regulator has approved the launch of the first institutional digital asset service in the country by Fidelity Clearing Canada (FCC). Fidelity is now the only Bitcoin trading and custody platform that’s specifically tailored for institutions.

After receiving authorization from Canada’s Investment Industry Regulatory Organization (IIROC), this new service will focus exclusively on cryptocurrency operations.

This approval was granted after the company had reported significant increases in digital asset demand from Canadian investors.

This move was initiated by the Canadian government months before when the operation of Bitcoin ETFs was authorized. Since the country welcomed bitcoin miners from China to Canada, and others chose Canada as their new home, it has been open to crypto business.

Fidelity Investments announced in a statement the creation of the first IIROC for the country. Institutional investors will be the only ones who can access the digital asset trading and custody service.

The company plans to offer more services to its retail customers once they are authorized to manage bitcoin-oriented mutual funds and negotiable funds at the Canadian stock exchange.

“Leveraging this new platform, Fidelity Investments Canada ULC presented preliminary prospects for the Fidelity Advantage Bitcoin ETF and the Fidelity Advantage Bitcoin ETF Fund,”
According to the statement.

FCC’s launch comes as the crypto market grows incessantly all over the world, which means that Canadian institutions are interested in these kinds of assets.

According to the president of Fidelity, Scott MacKenzie, Canadian institutional investors “have been looking for a regulated dealer platform to access this asset class” for some time, which facilitated the launch of the new project.

MacKenzie also added:

Fidelity Clearing Canada welcomes you to our solution. We leverage Fidelity’s international experience and deep understanding of digital assets, which will be invaluable for institutional investors in Canada.
Those interested in using FCC’s cryptocurrency custody and trading services can now do so as the solution has already been activated for portfolio managers and distributors, mutual funds, ETFs, and other qualified institutional investors, according to the operator.

Flipside

• According to the company, around 70% of Canadian institutional investor are looking into digital assets.

What are the reasons to care?

• Since 2020, the platform is a leader in cryptocurrency adoption in Canada and in Europe. It has also launched several investment products.
• Fidelity Clearing Canada (Fidelity Investments) is a subsidiary firm of Fidelity Investments.

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