Fidelity enters the Canadian market as a Bitcoin custodian
Industry News
Fidelity Investments is going to jump the Canadian crypto market to a new level. The company got approval from IIROC (Investment Industry Regulatory Organization of Canada) to run a trading and custodial Bitcoin platform for institutional investors. Such a step enables Fidelity to launch a Bitcoin-based ETF in Canada.
Scott MacKenzie, the President of Fidelity Clearing Canada, outlines the importance of the step: “The demand on digital assets constantly augments, and institutional investors need a regulated secure service to access this class of currencies.”
The custodial platform to appear in Canada is about to become the industry-changing solution for the local market. Earlier, all Bitcoin ETFs approved by the local financial regulator, were based on custodians registered in the USA.
Canada has already got the title of the most progressive country, as it hosted more than 10 ETF funds based on digital assets. Fidelity wants to leave its trace in the list – the corporation applied to IIROC, asking for an opportunity to run its own Bitcoin ETF.
What does it mean for the national economy? While the US government has still been hesitating which path to pave, Canada sees brand-new opportunities and high potential of cryptocurrencies, aiming to become among the top-rated world’s crypto centers.
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