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  • Canada approves CAD222B-sponsored company for Bitcoin maintenance services

Canada approves CAD222B-sponsored company for Bitcoin maintenance services

 تاریخ انتشار :
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  Bitcoin

TL; DR failed

  • The Canadian regulator, the Investment Industry Regulatory Authority (IIROC), has approved the country’s first bitcoin holding service (BTC).
  • Fidelity Clearing Canada (FCC) received the regulator’s opinion yesterday. Targets institutional investors.

Canada has approved a request from a $ 222 billion Canadian-backed company to provide bitcoin sales and maintenance services. Request for FCC IROC Canada to provide this service for the first time in this country.

This news will be a relief for Canadian investors. Previously, they had to seek services outside of Canada. Most of them do this on behalf of Bitcoin operators operating in the United States. But now they can invest directly through a local company.

The FCC will target institutional investors with the new product. Meanwhile, pension funds and asset managers are seeking to attract it. The other are mutual funds and ETFs that are profitable in Bitcoin.

This development has created excitement in Canada. Experts now believe that FCC approval will open the door for more institutional actors to enter.

FCC President Scott Mackenzie is just as excited about the endorsement. Mr Mackenzie called the confirmation “a very exciting development” for the FCC, its clients and institutional investors in Canada.

He added that the demand for digital currency investment products has increased. In addition, institutional actors sought to invest in them through licensed platforms, and in his view, the FCC was the platform.

Score for corporate investors in Canada

Mackenzie stressed the FCC’s excitement of launching a new product in the Canadian market. Mackenzie also said that they will use their rich experience and knowledge to enrich the experience of their investors.

FCC BTC Maintenance Services will be a boon for Canadian investors. First, it exposes them to advanced innovations. The FCC has developed it using Blockchain (BC) technology and high standards in its other operating systems.

Second, they will benefit from FCC expertise in BC and digital asset management. Since 2014, its parent company Fidelity Investments has started investing in cryptography.

Finally, investors can take advantage of the FCC, a cryptocurrency trading and security solution with internal monitoring. The FCC Advantage makes it easy for them to access Bitcoin trading and maintenance services.

Companies are increasing their investment in digital currencies

The FCC approves the background to the growing institutional interest in BTC investments. most recently CoinShares The report confirms this information. This shows that institutional actors control the inflow of capital into Bitcoin investments.

It is also looking for a recent dramatic run of BTC. At one point, King Coin reached ATH for more than $ 68,000. It also recorded revenues of more than $ 90 million, while assets under its management reached more than $ 56 billion.

The FCC also does not waste time. The company is seeking licenses for two BTC-based funds. One is the Bitcoin ETF Fund and the other is the Bitcoin-backed Mutual Fund. If approved, the ETF will use the company’s security service platform.

Encryption-backed ETFs have been on the rise since the first Bitcoin ETFs were introduced in February. Today, more than 40 such products are awaiting regulatory approval in the United States alone.

The new FCC platform marks the company’s entry into BTC Investment. However, its parent company Fidelity Investments Inc is no stranger to this space. From 2018, it will offer the same services to its American customers.

Fidelity Digital Assets offers not only Bitcoin custody but also exchange services to American corporate investors.