Fidelity clears regulatory hurdle to become Canada’s first
![Fidelity clears regulatory hurdle to become Canada’s first institutional Bitcoin custodian](https://i-invdn-com.investing.com/news/LYNXMPEBBM0M5_L.jpg)
© Reuters.
As reported by The Globe and Mail, Fidelity Clearing Canada received approval from the Investment Industry Regulatory Organization of Canada on Wednesday to launch a (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 first-of-a-kind service in the country.
The firm also plans to cater to retail investors with its regulatory filing for a Bitcoin exchange-traded funded and mutual fund, which was submitted earlier this week. As of September, Fidelity has over $4.2 trillion in assets under management around the world. In addition, exchange-traded cryptocurrency products are rapidly gaining traction, with more than 40 such instruments awaiting approval in the United States alone.
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