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Canada Approves CAD222B Backed Firm For Bitcoin Custody Services

Canada Approves CAD222B Backed Firm For Bitcoin Custody Services

Canada Approves CAD222B Backed Firm For Bitcoin Custody Services
Canada Approves CAD222B Backed Firm For Bitcoin Custody Services

The Investment Industry Regulatory Authority of Canada (IIROC) has approved the country’s first Bitcoin custody services.
Yesterday, the regulator approved Fidelity Clearing Canada (FCC), which targets institutional investors.

Canada has approved a CAD 222 billion-backed firm’s application to provide Bitcoin sale and custody services. The FCC’s request was approved by Canada’s IIROC, making it the country’s first to provide the service.
Canadian investors will be relieved by the news. Previously, they would have had to look for the service outside of Canada. Most would do so through BTC custodians based in the United States. However, they can now invest directly through a local firm.

The new product will be marketed to institutional investors by FCC. Pension funds and asset managers are among those it hopes to attract. Others include BTC-related mutual funds and exchange-traded funds (ETFs).

The development has sparked interest in Canada. Pundits now believe that the FCC’s approval opens the door for more institutional players to enter.

Scott Mackenzie, president of the FCC, is ecstatic about the approval. Mr. Mackenzie described the approval as a “very exciting development” for FCC, its clients, and Canadian institutional investors.

He went on to say that there was a surge in demand for crypto investment products. Furthermore, institutional investors were looking to invest in them through authorised platforms, and FCC was that platform, according to him.

A boon for corporate investors in Canada

Mackenzie expressed FCC’s enthusiasm for bringing the new product to the Canadian market. Mackenzie went on to say that they would use their extensive experience and knowledge to enhance the experience of their investors.
Canadian investors will benefit from FCC’s BTC custody service. First and foremost, it will expose them to cutting-edge innovation. FCC created it with Blockchain (BC) technology and the same high standards as its other platforms.

Second, they will benefit from FCC’s expertise in business continuity and digital asset management. Fidelity Investments, the firm’s parent company, has led the way in crypto investments since 2014.
Finally, investors can use FCC’s Advantage, an internally curated cryptocurrency trading and custody solution. The FCC advantage makes it easier for them to gain secure access to BTC trading and custodial services.

Corporate investments in crypto are soaring

The FCC’s approval comes amid growing institutional interest in BTC investments. This information is supported by a recent CoinShares report. It demonstrates that institutional investors dominate capital inflows into BTC investments.

It also follows BTC’s recent strong performance. At one point, the king coin had an ATH of more than $68,000. It has also received inflows in excess of $90 million, and its assets under management have surpassed $56 billion.

FCC is also not wasting time. It has applied for licences for two BTC-based funds. The first is a Bitcoin ETF, and the second is a Bitcoin-backed mutual fund. The ETF, if approved, will use the firm’s custodial service platform.

Since the first BTC ETFs debuted in February, crypto-backed ETFs have been on the rise. Up to forty such products are currently awaiting regulatory approval in the United States alone.

The launch of FCC’s new platform marks the company’s first foray into BTC investment. Having said that, its parent company, Fidelity Investments Inc, is no stranger to the industry. It has been providing the same service to its customers in the United States since 2018.

Fidelity Digital Assets has been offering BTC custody as well as exchange services to American corporate investors.

Source: BitcoinEthereum News.com

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