Crypto News

Fidelity Gets Green Light To Launch First BTC Institutional Solution

Fidelity gets green light to launch its first Bitcoin institutional solution as well as custody and trading services in Canada as we can see more in our latest Bitcoin news today.

Canada has its first crypto-focused investment Industry Regulatory Organization of Canada as the watchdogs provided approval for Fidelity Clearing Canada to launch a new institutional digital asset service. Canada displayed an open-minded approach towards the crypto industry ryas of late as it published a new set of regulations a few months ago and approved a few BTC ETFs in 2021.

Canada’s First Bitcoin, winklevoss, fund

The country will have its first IIROC according to the announcement. The new regulatory-approved product will offer digital asset trading as well as custody solutions for institutional investors initially. However, the company aims to file for a BTC mutual fund and an ETF which will allow retail investors to get on board. The statement reads:

“Leveraging this new platform, Fidelity Investments Canada ULC filed preliminary prospectuses for Fidelity Advantage Bitcoin ETF and Fidelity Advantage Bitcoin ETF Fund.”

As Fidelity gets green light for its first BTC institutional solution, it explained that the launch of the FCC comes amid the growing demand for the crypto assets globally as well as the institutions in Canada getting heavily interested in the asset class. Scott Mackenzie who is the president of the FCC thinks that the institutional investors in Canada were looking for a regulated dealer platform and gained access to the asset class for a while now which is a new initaitive that will facilitate this idea. Mackenzie added:

“Fidelity Clearing Canada is pleased to offer our new solution, leveraging Fidelity’s global expertise and deep knowledge of digital assets for leading Canadian institutional investors.”

Bitcoin’s Most Significant Update, taproot, upgrade, btc

FCC’s Institutional crypto trading and custody solution are now active and the portfolio managers, mutual funds, dealers, ETFs, and other institutional investors are able to access it. Fidelity was among the leaders in the terms of crypto adoption as it launched plenty of products in Europe and the US as of last year. The company initiated a survey among the institutional investors that concluded another 70% of them plan to purchase digital assets in the near future.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]

Source link