Fidelity, one of the world's largest financial firms, has received the approval from Canadian regulators to become the country's first official Bitcoin custodian.
According to local media, Fidelity Clearing Canada ULC has received the approval from the Investment Industry Regulatory Organization of Canada (IIROC). The new service is aimed at institutional investors, including pension funds, portfolio managers and mutual and exchange-traded funds.
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Fidelity Clearing Canada serves more than 100 investment companies across the country, and Fidelity Investments Canada has more than $222 billion in assets under management. In addition, this week Fidelity Investments filed a petition to create its own Bitcoin ETF in Canada. Fidelity Clearing Canada president Scott MacKenzie said:
"Demand for investment in digital assets is growing significantly and institutional investors are looking for a regulated dealer platform to access this asset class."