Canadian is a country of many firsts in the world of cryptocurrency. The country comes only after Malta in driving the mainstream adoption of cryptocurrencies. In this light, Ethereum World News reports First Block Capital Inc (FBC) is the first mutual fund to link Bitcoin. This is another Canadian cryptocurrency milestone as the country has legislations in place to support cryptocurrency mining and trading.
Bitcoin trust platform is a huge Canadian cryptocurrency milestone
CryptoGlobe adds that the new mutual fund will allow investors to put money in registered Tax Free Savings Accounts (TFSA). This way, Bitcoin holders will be able to “take advantage of the accompanying tax benefits.” According to a press release, investors can access the FBC Bitcoin Trust platform through NEO Connect. This is as a result of a strategic partnership between FBC and NEO Connect.
Further, the release details that at the moment, only accredited investors will access the platform. Through NEO Connect, the investors can place there buy orders seamlessly.
Speaking during the press release, Co-founder and Chief Investment Officer of First Block, Marc van der Chijs said:
“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 unit holders 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.”
Broad investment options
Further, the CEO reveals that they intend to increase the exposure of Bitcoins to the market. As per the release, this will not only expedite adoption of Bitcoin but guarantee their success as a company.
On their part, the team at NEO Connect believes the partnership will bolster their strategy. As much as it is revolutionizing, NEO Connect believes cryptocurrency investors will get more investment options. In his words, the president and CEO of NEO Connect, Joe Schmitt said, “For the first time in Canada, accredited investors working with investment advisors have the chance to seamlessly take positions in Bitcoin via the FBC Bitcoin Trust.”
In addition, both companies are betting on the partnership to increase product liquidity. As an achievement of a Canadian cryptocurrency milestone, investors do not have to worry about price volatility and skepticism.