First Block Capital Investment Firm Comes Up With ETF Supported by Household Names
Investment Firm Comes Up with ETF Supported by Walmart, IBM, Maersk and Amazon
Canadian investment firm, First Block Capital has announced that it is nearing the end of completion of an exchange-traded fund (ETF). What makes this particular ETF unique from others proposed to the Securities and Exchange Commission (SEC) is that it will be backed by household names striving to utilize blockchain technology to better their services.
The specs of the ETF have been reported by NewsBTC as providing investors with the opportunity to contribute to blockchain through their brokerage investment accounts. A month after completion, the ETF is said to be listed on Aequitas NEO Exchange.
As per the COO of First Block Capital, Bill Stormont, “You’re looking at companies that are going concerns,” adding that “they don’t necessarily live or die by their blockchain investments but as they integrate them, our hope is that these kinds of names perform.”
So, who are these names? And how will they help the fund strive despite inconsistent adoption? According to the claims made, the ETF will survive due to the major household companies involved, which may potentially include Walmart, IBM, Maersk and Amazon to name a few.
While the First Block Capital ETF is the first of its kind to be backed by firms considering blockchain technology, the involvement from said public companies is starting to grow. Just recently, United Parcel Service (UPS) was reportedly seeking a patent that would better its logistics system, especially when it comes to trackability of global packages. Similarly, Co-Founder of Apple, Steve Wozniak joined blockchain-based Equi Capital to provide more investment strategies for retail investors.
With more and more companies exploring ways to incorporate blockchain technology within their respective corporate framework, such an ETF seems to be coming about at a fairly decent time. Do you think backing an ETF by household names is a smart approach in bringing in more investors? Share your comments below.