Tuesday, November 30

Fidelity Gets Green Light To Be Canada’s First Bitcoin Custodian

Yesterday The Globe and Mail reported that Fidelity Clearing Canada received the green light to launch a Bitcoin (BTC) trading and custody platform. We tell you the details!

Canada continues to move towards Bitcoin

As Bitcoin has gained greater traction as an investment asset, the world has moved towards the crypto world. Among all, Canada has been one of the most prominent.

Just yesterday it was reported that the Investment Industry Regulatory Organization of Canada granted approval to Fidelity to be the first custodian of Bitcoin in the country.

At least initially, the service will be designed to be used by institutional investors. That is, pension funds, brokers, unique funds, etc. However, Fidelity’s plans also include serving retail investors. This is precisely why he recently made a regulatory filing for a Bitcoin exchange-funded mutual fund.

Why is the news so important?

This potential service to retailers is very important to the crypto community. In fact, some time ago, Mike Novogratz, CEO of Galaxy Digital, opined that Fidelity offering Bitcoin to retailers would be one of the most optimistic things that could happen to crypto.

According to The Globe and Mail, Fidelity Clearing Canada Chairman Scott Mackenzie explained that “the 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.” .

It is precisely this booming demand that has led multiple companies to want to offer crypto services and thus pressure regulators for approval.

And it is that, previously, institutional investors in Canada had to use custodians based in the United States. Consequently, the new service will reduce friction to invest in Bitcoin.

Does this new service favor crypto adoption? We want to know your opinion!


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