Canadian Crypto and Blockchain Investment Firm Opens First Mutual Fund for Bitcoin

Canada Launches First Mutual Fund for Bitcoin

Canada’s first mutual fund status for Bitcoin was finally announced to First Block Capital Inc., a blockchain/cryptocurrency investment firm was made aware of the announcement for the new trust for anyone looking to place funds in their accounts. Accounts made possible would be along the lines of a savings account like a TFSA.

Only specific cryptocurrencies like NEO Connect, through a specialized distribution system under a new ticket FBCBT. The mutual fund will be for investors who meet specified requirements or trade Advisors in the same way they can a traditional ETF.

NEO was chosen because it allows for the ability to make settlements, removing the standard 30-day redemption clause typically set in place.

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“At First Block, we provide investment exposure to bitcoin by removing the complicated barriers to investing directly in the cryptocurrency,”

Sean Clark, CEO, and co-founder of First Block said in a prepared statement.

“As the market leader in providing investment vehicles based on blockchain and cryptocurrency in Canada, we are pleased to make our fund more accessible to the accredited investor community. In this fast-changing world, NEO is the perfect partner with whom we have seized the opportunity to grow our fund within their proven and rapidly expanding fund distribution network.”

The advisors on the platform will be able to use NEO connect with other trade tools to make purchases and sales. Orders go through at the end of the day, with the new positionable to integrate into the client’s account. Investors will be able to invest in Bitcoin without actually owning them, instead of using new trust units.

“Today, for the first time in Canada, accredited investors working with investment advisors can seamlessly take positions in bitcoin through the FBC Bitcoin Trust,”

Said Joe Schmitt, president, and CEO of NEO.

“As the world evolves, we are very pleased our unique fund distribution platform can help the investment community access, with ease and efficiency, an ever-expanding spectrum of new and innovative asset classes.”

“Our goal is to make investments in the digital currency asset class more accessible, and we are one step closer to achieving this goal by allowing unitholders to place units in government-sponsored tax efficient vehicles, and by providing daily liquidity through NEO Connect, a fund distribution platform with a rapidly growing dealer network,” said Marc van der Chijs, co-founder and chief investment officer of First Block. “With this accomplishment, we continue to push Canada forward as a world leader in regulated blockchain and cryptocurrency investment vehicles.”

Experts at First Block make guesses that the new trust will be ready for investing with units as soon as the new program is launched.

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