What reported Per The Globe and Mail, Fidelity Clearing Canada received approval from the Investment Industry Regulatory Organization of Canada on Wednesday to launch a Bitcoin (BTC) trading and custody platform. It is designed for use by institutional investors, such as pension funds, portfolio managers, and mutual funds, and would be a one-of-a-kind service in the country.
The firm also plans to cater to retail investors with its regulatory filing for a Bitcoin exchange-funded and mutual fund, which was unveiled earlier this week. As of September, Fidelity has more than $ 4.2 trillion in assets under management worldwide. Additionally, exchange-traded cryptocurrency products are rapidly gaining traction, with more than 40 of those instruments awaiting approval only in the United States.
In an interview with The Globe and Mail, Scott Mackenzie, president of Fidelity Clearing Canada, had this to say:
"Demand for investment in digital assets is growing considerably and institutional investors have been looking for a regulated dealer platform to access this asset class."
Related: Canadian Investment Firm Plans To Plant Trees That Match Bitcoin ETF Purchases
Canada's path to crypto adoption has not been as smooth as expected. Two years earlier, QuadrigaCX, the largest cryptocurrency exchange in the country at the time, collapsed after the sudden and mysterious death from its co-founder Gerald Cotten, resulting in the loss of access to funds stored in cold wallets. Cotten only supposedly had access to the wallet keys that would unlock the approximately $ 143 million in deposits owned by more than 115,000 former QuadrigaCX customers. There is currently a Netflix documentary in the making about Cotten's life and death.
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