Fidelity Clearing Canada on Wednesday received approval from the Canadian investment industry regulator to launch a bitcoin (BTC) trading and deposit platform, the Globe and Mail reported. It is intended for use by institutional investors such as pension funds, portfolio managers and equity funds, and will be the first of its kind in the country.

The company also plans to cater to retail investors with its regulatory statement for a bitcoin-traded fund and stock, which was presented earlier this week. As of September, Fidelity’s combined assets worldwide exceeded $4.2 trillion. In addition, exchange-traded cryptocurrency products are rapidly gaining popularity, with more than 40 such tools awaiting approval in the US alone.

In an interview with The Globe and Mail, Scott McKenzie, President of Fidelity Clearing Canada, stated:

“The demand for investing in digital assets is growing exponentially, and institutional investors have been looking for a regulated trading platform to access this asset class.”
On this topic: Canadian investment firm plans to plant trees to match Bitcoin ETF purchases

Canada’s road to crypto adoption has not been as smooth as expected. Two years earlier, QuadrigaCX, the largest cryptocurrency exchange at the time, collapsed after the sudden and mysterious death of co-founder Gerald Cotten, resulting in the loss of access to funds in cold wallets. Cotten alone reportedly had access to the keys to a wallet that could unlock an estimated $143 million from more than 115,000 former QuadrigaCX customers. A Netflix documentary about Cotton’s life and death is currently in full swing.

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