Fidelity Launches Canada’s First Institutional Bitcoin Custody Service

Fidelity Clearing Canada ULC (FCC) has change into Canada’s first regulated entity to supply bitcoin custody and buying and selling companies for institutional traders.

“The demand for investing in digital property is rising significantly and institutional traders have been searching for a regulated supplier platform to entry this asset class,” Scott Mackenzie, FCC’s president mentioned in a statement Wednesday.

Institutional traders in Canada akin to mutual funds and exchange-traded funds (ETF) beforehand had to make use of U.S.-based custodians. With FCC’s launch, extra of those traders might probably put money into bitcoin straight.

In addition, Fidelity Investments Canada ULC filed preliminary prospectuses for Fidelity Advantage Bitcoin ETF and Fidelity Advantage Bitcoin ETF Fund. The Fidelity Advantage Bitcoin ETF will leverage FCCs custodian companies.

Fidelity Investments Canada ULC has over CAD$209 billion (US$166 billion) in property underneath administration.

Fidelity Investments’ first U.S. bitcoin fund, which is barely open to accredited traders, raised $102 million from rich traders as of May of this 12 months. Fidelity initially launched its U.S.-based cryptocurrency companies in 2018.

Read extra: Fidelity Prodded SEC to Approve Bitcoin ETF in Private Meeting

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