• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

Fidelity Will Be Canada’s First-Ever Bitcoin Custodian

Taylor Scott by Taylor Scott
9 months ago
in Cryptocurrency news
Reading Time: 3 mins read
Advertisement

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.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

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. precedent, Fidelity expects a four-year runway to set up services in the cryptocurrency market. The full scale and scope of how those services are rolled out is yet to be disclosed.

Bitcoin's exceptional performance has resulted in increased global demand for crypto support amongst institutional investment firms. | Source: BTC-USD on TradingView.com

Related Reading | Preview Of The Peak: November Rains Red For Bitcoin Holders

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Fidelity’s Perspective

The financial services firm is seemingly bullish on crypto in the big picture. At the very least, the firm recognizes the staying power and understands that it needs to carve out it’s role in crypto. Last month, a Fidelity analyst showed cautious optimism in bitcoin’s “diamond hand” owners. Despite this, the analyst also believed that bitcoin was a ways away from the psychological benchmark of $100,000. To date, the analysts expectations have seemingly been about on par.

The firm first launched U.S.-based crypto services in 2018. By May of this year, Fidelity opened it’s first bitcoin fund in the U.S., raising over $100M from around 80 accredited investors.

Fidelity in recent months also released their annual Fidelity Digital report. That report had a lot of interesting finds, including that nine of ten surveyed investors found digital assets appealing. With just the past few months of activity alone, it’s clear that Fidelity understands the importance of what’s at stake – and today’s announcement in Canada will position them quite well in the country to take advantage of that knowledge.

Read our comparison of 50 different crypto casinos. Find out who has most generous bonuses, best UX, knowledgeable customer support and best provably fair games.

Related Reading | Lone Bitcoin Bitfinex Whale Wants More Blood, Buyers Beware?

Featured image from Pexels, Charts from TradingView.com
Tags: bitcoincanadafidelity
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Taylor Scott

Taylor Scott

Taylor specializes in crypto activity across sports and entertainment. With nearly a decade of engagement with cryptocurrency, Taylor has spent several years working in talent representation with musicians, comedians, and speakers, and achieved a Sports Business MBA in 2020.

Related Posts

Polkadot

Polkadot (DOT) To Retest $9.88 Resistance – Can Bulls Regain Solid Footing?

5 hours ago
Filecoin

Filecoin Cruises Near Resistance, Now Attempts For A Breakout

7 hours ago
Ethereum Market Observes Pileup Of Leverage As ETH Breaks $2k

Ethereum Market Observes Pileup Of Leverage As ETH Breaks $2k

17 hours ago
Ethereum Price

Ethereum Sees Setback After Breaking $2k, But Price Likely to Maintain Upward Trajectory

20 hours ago
Decentraland

Decentraland Consolidates Near $1.05 – Can MANA Attract Buyers Now?

21 hours ago
Shiba Inu

Shiba Inu (SHIB) Buildup At This Price Level Could Be Favorable

23 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

GNOX (GNOX): Likely Top 50 Crypto Similar To EOS (EOS) And Sandbox (SAND) After Presale Sold-Out Quickly

August 14, 2022

Gnox (GNOX), Sandbox (SAND) and Decentraland (MANA): The Most Promising Investments in 2022

August 14, 2022

HypaSwap, Bitcoin, and Solana – Crypto Crash 2022 Buy For Massive Bull Run Profits!

August 14, 2022

How Eco-Friendly Is Crypto? A Look At Proprivex, Ethereum, and Bitcoin

August 14, 2022

Earn Rewards From Quilvius Using Bitcoin

August 13, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Bitcoin Casino Reviews

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.