Fidelity Investments launched a spot Bitcoin ETF in Canada as one of the biggest asset managers in the world as we can see more in our latest Bitcoin news today.
Fidelity Investments launched a spot BTC ETF in Canada and doesn’t intend to wait for the US SEC to make up its mind. The company manages around $4.2 trillion in assets and made it one of the leading asset management companies worldwide. The reports reveal that the company has no intentions of waiting for the US SEC to make up its mind on whether or not to allow the spot BTC ETF in the country. Fidelity is launching a spot BTC ETF in Canada.
The product is called Fidelity Advantage Bitcoin ETF and will get physical Bitcoins directly. This means that the fund will purchase actual BTC instead of getting even more exposure through a derivative instrument. Fidelity is calling the shots because of the serious client demand and chose Canada because the US Authorities failed to provide further clarity on the matter. The move came days after Fidelity recieved Canada’s approval to launch the country’s first BTC institutional solution since Canada is not a stranger to spot BTC ETF products. The first-ever product gathered more than $400 million in two days of the launch and other companies to launch a spot BTC ETF include Galaxy Digital led by Michael Novogratz as well as CI GAM.
As recently reported, 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. 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.
Furthermore, The Digital branch of financial services giant Fidelity Investments is working towards boosting the personnel by 70% due to the rising institutional demand for crypto. In an interview a few days ago, the President of fidelity digital Assets Tom Jessop said that apart from family offices and hedge funds, corporate treasuries and retirements funds are looking to get exposed to crypto. As a result of the growing demand, the company is looking to hire about 100 new employees that could see its staff strength rise by about 70%. The new workers would be deployed to Salt Lake City, Boston, and Dublin. Also, the employees will assist in developing new products and expand beyond BTC as well as other assets.
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