Fidelity Will Be Canada’s First-Ever Bitcoin Custodian

Fidelity has secured Canada’s selection from regulators to become the country’s first-ever bitcoin custodian. The move will allow the financial services firm to operate bitcoin custody and trading in the country, geared towards institutional investors. Additionally, the move will likely open the door for more Canadian institutions to invest in crypto. First-Mover Fidelity Fidelity Clearing Canada (FCC) unveiled a press release on Wednesday showcasing the announcement. The release quickly notes that FCC is “Canada’s first Investment Industry Regulatory Organization of Canada (IIROC) regulated entity to offer this digital currency trading and custody solution dedicated for institutional investors, including mutual funds and exchange-traded funds.” FCC President Scott Mackenzie stated in the release that “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.” This announcement opens that door for investors. To date, Canadian investors had to resort to mutual funds and ETFs for crypto exposure. Additionally, bitcoin funds available in Canada thus far have been offered from U.S.-based custodians. FCC holds north of $200B in AUM (assets under management). The firm also provides services to over 100 investment companies in Canada. Reports state that based on the U.S. preceden...