Fidelity Investments launched a spot BTC ETF in Canada

Fidelity Investments, as one of the largest asset managers in the world, launched a spot Bitcoin ETF in Canada as we can see more on our latest Bitcoin news today.

Fidelity Investments has launched a spot BTC ETF in Canada and has no intention of waiting for the US SEC’s decision. The company has approximately $ 4.2 trillion in assets under management and has grown to become one of the leading wealth management companies in the world. Reports show the company has no intentions of waiting for the US SEC to decide whether to approve a spot BTC ETF in the country. Fidelity launches a spot BTC ETF in Canada.

The product is called Fidelity Edge Bitcoin ETF and receives physical bitcoins directly. This means the fund is actually buying BTC rather than getting more exposure through a derivative. Fidelity takes the attacks on customer request seriously and has chosen Canada because the US authorities have not clarified the matter further. The move comes days after Fidelity received Canada’s approval to launch the country’s first institutional BTC solution, as Canada is no stranger to BTC ETF products. The first product grossed over $ 400 million in two days of launch and other companies that will launch a spot BTC ETF include Galaxy Digital, led by Michael Novogratz, and CI GAM.

As recently reported, Canada has Canada’s first crypto-centric industry regulator as regulators approve Fidelity Clearing Canada to launch a technical asset service.

Canada showed an open-minded approach to the crypto industry late last year when it announced a new set of rules a few months ago and approved a number of BTC ETFs in 2021. According to the announcement, this country will have the first IIROC. The new regulatory-approved product will offer digital asset trading and custody solutions for first-time institutional investors. However, the company intends to apply for a BTC mutual fund and ETF that retail investors can participate in.

In addition, the digital arm of financial services giant Fidelity Investments is working to increase its staff by 70% due to the growing demand for cryptocurrencies. In an interview a few days ago, Tom Jessop, President of Honest Digital Asset, said that in addition to family offices and hedge funds, corporate treasuries and pension funds are also finding ways to deal with cryptocurrencies. Due to the increasing demand, the company is looking for around 100 new employees, which could increase the number of employees by around 70%. The new employees will be deployed to Salt Lake City, Boston and Dublin. Additionally, staff will help with new product development and expansion beyond BTC and other assets.