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Leveraging on this innovation, Fidelity Clearing became Canada’s first IIROC-regulated dealer to offer a trading and custody solution for institutional investors.
Top investment management firm Fidelity Investments Canada ULC announced on Thursday the launch of a Bitcoin ETF and mutual fund.
The funds, Fidelity Advantage Bitcoin ETF™ and Fidelity Advantage Bitcoin ETF Fund™ will provide exposure to bitcoin and ETFs and guidance for investors looking for such. Also, Fidelity Clearing Canada ULC will secure the assets.
One of the custodial solutions, Fidelity Advantage Bitcoin ETF™ began trading on the Toronto Stock Exchange the same day.
Bitcoin ETF and Mutual Fund Offered by Fidelity Will Help Investors Achieve Financial Goals
Speaking on the new product, Senior Vice President, Products and Marketing of Fidelity Investments Canada ULC, Kelly Creelman said:
“As Bitcoin and digital currencies are gaining recognition among investors, we are pleased to offer a professionally managed bitcoin ETF and ETF Fund supported by the strength and scale of Fidelity.”
Likewise, Creelman believes the funds provide an opportunity for investors to achieve their financial goals. Through the company’s innovative products, users will be able to diversify their portfolios, mitigate the effect of inflation on their assets, and gain exposure to new asset classes.
This may be its first crypto-related service for its users. However, Fidelity has been researching blockchain and bitcoin for a long. The investment firm has also been investing in bitcoin for many years. Thus, it understands the technology and the opportunity it provides for investors.
Purchase of the ETF grants you ownership of units of the ETF instead of the cryptocurrency directly. The unit value will vary as the market price of Bitcoin changes.
Investing in ETFs instead of cryptocurrency has its advantages. Primarily, it provides institutional-grade security for your investment. In addition, the funds are eligible for tax-advantaged registered accounts.
Leveraging on this innovation, Fidelity Clearing became Canada’s first Investment Industry Regulatory Organization of Canada (IIROC)-regulated dealer to offer a trading and custody solution for institutional investors. Its services will include having cold storage, cyber, operational control, and physical safeguards.
Fidelity Investments is a privately owned investment management firm whose mission is to help Canadians make the best investment choices and stay ahead. They do this through multiple product offerings including international and global equity,income-oriented mutual funds, ETFs, asset allocation strategies, and more.
As of November 31, the company had about $208 billion in assets under management.