Fidelity receives approval to become first institutional Bitcoin custodian in Canada

  • 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. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Ethereum price bullish reversal sets ETH on a return to $3,820

Ethereum price is forming a bullish chart pattern that projects a 12% bounce toward $3,820. Only a slice above $3,398 would validate the optimistic forecast. A stiff hurdle may emerge at the 78.6% Fibonacci retracement level at $3,709.

More Ethereum news

Cardano price presents buy opportunity before ADA gears up for 40% ascent

Cardano price could tag lower levels before ADA bulls prepare to reverse the period of underperformance. The Ethereum killer could slide toward the January 10 low at $1.07 before falling toward the lower boundary of the prevailing chart pattern at $1.04.

More Cardano news

Algorand price due for a 25% upswing as ALGO reveals a bullish setup

Algorand price has seen a considerable drop over the past 24 hours and shows that this bearish outlook might be coming to an end. As ALGO finds its footing at the current support level, investors can position themselves to maximize the gains that will follow.

More Algorand news

Chainlink must return above this price level or LINK will fall back to $20

Chainlink price is facing difficulties moving above a significant resistance zone on the weekly chart. Failure to close above this resistance on the weekly chart could trigger a strong resumption of falling prices. Chainlink price behavior  for the remainder of Jan will likely be decided this Friday.

More ChainLink news

BTC eyes retest of $50,000

Bitcoin price shows a resurgence of retail interest as it bounced off a crucial psychological level. The recent uptrend is preparing a base on a short-term time frame so BTC can kick-start a larger leg-up. Interestingly, on-chain metrics are lining up with the bullish outlook portrayed from a technical perspective. An uptrend now seems inevitable for BTC and, therefore, the larger ecosystem.

Read full analysis