Fidelity Investments has received approval from the Canadian regulator to launch a custodian service for cryptocurrencies.
Fidelity Clearing Canada became the premier Canadian company that received cryptocurrency custody approval from the Investment Industry Regulatory Organization of Canada (IIROC). Fidelity serves over 100 investment companies in Canada with total funds under management exceeding $222 billion.
“The demand for digital assets is constantly growing and institutional investors are looking for a regulated platform to gain access to this asset class,” said Scott Mackenzie, President of Fidelity Clearing Canada.
Fidelity Clearing Canada has also applied to launch a Bitcoin exchange-traded fund (ETF). There are already several Bitcoin ETFs operating in Canada, with most of these funds using the services of American companies to hold assets.