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Fidelity has been approved by Canadian regulators to become the country’s first bitcoin custodian.

The move paves the way for more Canadian institutions to invest in bitcoin, including pension funds, portfolio managers, mutual funds, and ETFs.

Fidelity will launch its service in the form of a bitcoin trading and custody platform catered to institutional investors.

Fidelity Canada has been given the green light by regulators to function as the country’s first bitcoin custodian, reported The Globe and Mail. The Investment Industry Regulatory Organization of Canada (IIROC) approved Fidelity to launch a new bitcoin trading and custody platform that caters to institutions such as pension funds, portfolio managers, mutual funds, and exchange-traded funds (ETFs) seeking direct exposure to BTC.

“The demand for investing in digital assets is growing considerably and institutional investors have been looking for a regulated dealer platform to access this asset class,” Scott Mackenzie, president of Fidelity Clearing Canada, said, per the report.

Many of the bitcoin funds operational in Canada currently use U.S.-based custodians. By bringing an option to the local market, Fidelity’s move might facilitate the experience, paving the way for more institutional investors to purchase BTC directly.

“Fidelity Clearing Canada provides services to more than 100 investment companies in Canada,” per the report. “Together, with Fidelity Investments Canada ULC, they represent more than $222-billion in assets under administration and management as of June 30.”

The new platform’s launch will mark the first step into Bitcoin for Fidelity Canada. However, Fidelity Investments Inc. launched a similar product in the U.S. in 2018, Fidelity Digital Assets, which has since provided institutional investors with bitcoin custody and trade execution services.