Share:
  • Fidelity has received a green light from a regulator in Canada to become the first Bitcoin trading and custody platform for institutions.
  • The firm will now enable mutual funds, pension funds and portfolio managers to invest in cryptocurrencies directly.
  • This move comes at a time when demand for digital asset investments among institutional investors has grown substantially.

Fidelity Clearing Canada will become the first Bitcoin trading and custody platform designed for institutions, following regulatory approval from the Investment Industry Regulatory Organization in the country. The move comes as the firm stated that the demand for investing in digital assets had grown considerably.

Fidelity’s crypto platform greenlit by Canadian regulator 

Fidelity Clearing Canada, a subsidiary of mutual fund giant Fidelity Investments, has received regulatory approval to launch the first digital asset trading and custody solution for institutions in the country. Pension funds, portfolio managers and mutual funds could easily leverage the new platform to invest in crypto assets.

At the same time, Fidelity also filed to launch two Bitcoin funds in Canada, a BTC exchange-traded fund (ETF) and a mutual fund tied to the leading cryptocurrency. The prospective ETF would utilize the firm’s custodian services. 

The world’s first Bitcoin ETF launched in February this year. Since then, crypto-based ETF products have been quickly gaining traction, as roughly 40 digital asset ETFs are awaiting approval in the United States. 

According to Scott Mackenzie, the president of Fidelity Clearing Canada, the demand for investing in cryptocurrencies among institutional investors has been growing rapidly, and they have been searching for a regulated dealer platform for accessing the new asset class.

Institutional investors based in Canada, including mutual funds and ETFs, were previously required to access custodians based in the United States. Fidelity’s new service could allow investors to directly invest in Bitcoin.

According to the latest report by CoinShares, Bitcoin investment products among institutions continue to dominate inflows while the price of the bellwether cryptocurrency continues to rise. 

The leading cryptocurrency witnessed inflows of $98 million last week, with total assets under management reaching a record high at $56 billion. 

 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

PEPE price inches closer to 2024 peak with top crypto exchanges teasing PEPE memes on X

PEPE price inches closer to 2024 peak with top crypto exchanges teasing PEPE memes on X

PEPE’s social dominance and relevance have been increasing since February 20. This week, top cryptocurrency exchanges have shared PEPE and related memes in tweets on their official X handle. 

More PEPE News

SEI, Omni Foundation propose standard to unify Ethereum NFTs

SEI, Omni Foundation propose standard to unify Ethereum NFTs

SEI and Omni Foundation could help NFTs across the Ethereum ecosystem transition to scaling solutions and rollups. The two have proposed a new token standard, xERC-721, with a “code minimized” upgrade to the current standard. 

More Cryptocurrencies News

Bitcoin Weekly Forecast: BTC likely to correct to $50,000 soon

Bitcoin Weekly Forecast: BTC likely to correct to $50,000 soon

Bitcoin price has formed a potential top signal that forecasts a sell-off. The weekly chart also points to a bearish divergence, which adds credence to the bearish outlook. Investors can expect BTC to consolidate between the $52,062 to $45,160 levels.

More Bitcoin News

XRP price plunges as Kraken cites SEC v. Ripple lawsuit in its legal battle against the regulator

XRP price plunges as Kraken cites SEC v. Ripple lawsuit in its legal battle against the regulator

XRP price inches closer to support at $0.52 after the recent developments related to the SEC’s lawsuit against Ripple. Kraken cited a key part of the SEC’s lawsuit against Ripple that could impact the outcome of its own legal battle against the regulator. 

More Ripple News

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin price has formed a potential top signal that forecasts a sell-off. The weekly chart also points to a bearish divergence, which adds credence to the bearish outlook. Investors can expect BTC to consolidate between the $52,062 to $45,160 levels.

Read full analysis

BTC

ETH

XRP