Canadian Company Launches Crypto Mutual Fund
September 11, 2018 3:11 pm
First Block Capital Inc has announced that the company’s FBC Bitcoin Trust has achieved mutual fund status in Canada. This will allow investors to use these funds in registered accounts such as Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP).
First Block Capital’s trust is available on NEO Connect by the ticker FBCBT. Note that this fund is available to accredited investors only. The FBCBT funds allow the same easy and efficiency of trading as the ETF funds. NEO Connect acts as a fund distribution platform for Canadian citizens. The platform offers a daily settlement facility, earlier it was restricted to a 30-day redemption clause.
Sean Clark, CEO, Co-founder, First Block said in a statement:
“At First Block, we provide investment exposure to bitcoin by removing the complicated barriers to investing directly in the cryptocurrency. As the market leader in providing investment vehicles based on blockchain and cryptocurrency in Canada, we are very happy to make our fund more accessible to the accredited investor community. In this fast-changing world, NEO s the perfect partner with whom we have seized the opportunity to grow our fun within their proven and rapidly expanding fund distribution network.”
Advisors can easily search for the symbol on the NEO Connect platform with the provided equities trading tools and select the number of units they are looking to purchase for their clients. The buy or sell order is executed by the end of the day. The resulting position is integrated into the clients account automatically.