Fidelity approved to be Canada’s first cryptocurrency custodian
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Answer Fidelity approved to be Canada’s first cryptocurrency custodian
Reports from “The Globe and MailRegulators may have just given the nod to Fidelity Canada to start serving as the country’s first Bitcoin custodian.
Investment “Fidelity” benefits from the great investment interest in digital currencies:
The company has reportedly been approved by the Investment Industry Regulatory Commission of Canada (IIROC) in a bid to make it easier for more Canadian institutions to invest in bitcoin, including pension funds, mutual funds, portfolio managers and exchange-traded funds (ETF) looking to acquire Direct exposure to Bitcoin.
According to Mr. Scott McKenzie, president of Fidelity:
There is currently a very high demand for investing in digital assets.
With demand continuing to grow at a very high rate, institutional investors have been looking for sources of a regulated platform where they can access the asset class.
Read:Report: Iran intends to launch a digital currency backed by gold
Before Fidelity was approved as Canada’s first cryptocurrency custodian, most bitcoin funds operating in Canada only used custodians in the United States.
However, bringing an alternative like this to the local market would be a good time for many institutional investors to buy bitcoin directly.
According to reports, Fidelity will currently offer its services to more than 100 investment firms in Canada.
New Bitcoin ETF:
At the same time, Fidelity Investments Canada ULC filed preliminary releases on Fidelity Advantage and Fidelity Advantage Bitcoin ETF Fund.
Through the Bitcoin ETF, Fidelity will benefit from the services of a digital asset custodian from the regulator, the FCC.
With the expectation that the products will be eligible for approval,TFSAsThe entire investment objective of both funds is to invest in Bitcoin.
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