Fidelity Launches Canada’s First Institutional Bitcoin Custody Service

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Fidelity Clearing Canada ULC (FCC) has develop into Canada’s first regulated entity to supply bitcoin custody and buying and selling providers for institutional buyers, in keeping with a statement Wednesday.

“The demand for investing in digital assets is growing considerably and institutional investors have been looking for a regulated dealer platform to access this asset class,” Scott Mackenzie, FCC’s president stated.

Institutional buyers in Canada resembling mutual funds and ETFs beforehand had to make use of U.S.-based custodians. With FCC’s launch, extra of those buyers may doubtlessly spend money on bitcoin immediately.

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 providers.

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

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