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Fidelity Approved To Become Canada’s First Institutional Bitcoin Custodian

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  • Fidelity has been approved by Canadian regulators to become the country’s first bitcoin custodian.
  • The move paves the way for more Canadian institutions to invest in bitcoin, including pension funds, portfolio managers, mutual funds, and ETFs.
  • Fidelity will launch its service in the form of a bitcoin trading and custody platform catered to institutional investors.

Fidelity Canada has been given the green light by regulators to function as the country’s first bitcoin custodian, reported The Globe and Mail. The Investment Industry Regulatory Organization of Canada (IIROC) approved Fidelity to launch a new bitcoin trading and custody platform that caters to institutions such as pension funds, portfolio managers, mutual funds, and exchange-traded funds (ETFs) seeking direct exposure to BTC.

“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, president of Fidelity Clearing Canada, said, per the report.

Many of the bitcoin funds operational in Canada currently use U.S.-based custodians. By bringing an option to the local market, Fidelity’s move might facilitate the experience, paving the way for more institutional investors to purchase BTC directly.



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