A Canada-based blockchain and digital currency investment firm – First Block Capital Inc., recently announced that its Bitcoin (BTC) trust has achieved mutual fund status in Canada. This will enable investors to put money in registered accounts such as Registered Retirement Savings Plan (RRSP) and Tax-Free Savings Account (TFSA).
FBC Aims to Simplify Market Exposure
According to the co-founder and CEO of First Block Inc. – Sean Clark – First Block Inc. is aimed at providing Bitcoin (BTC) investment exposure by getting rid of the complicated hurdles to investing directly in the digital currency. He added that “as the market leader in providing blockchain and digital currency investment vehicles in Canada, they are excited to make their fund more accessible to the community of accredited investors.
The trust is available in a fund distribution platform – NEO Connect, under the ticker FBCBT, and it is only available to credited investors. Advisors can also trade the fund with the same ease and efficiency as trading exchange-traded funds. The CEO also said that in this fast-evolving world, NEO Connect is the perfect partner with whom they have taken this opportunity to grow within the rapidly and proven expanding fund distribution network of NEO.
Activities Set to Start
The firm expects most First Block Capital Bitcoin (BTC) Trust investors will start moving their funds in the first month. Registered broker-dealer companies that FBC has worked with will handle all the transfers to prepare for the launch of the fund. This new development will increase the exposure of investors to Bitcoin, increase its usage as well as its adoption. This will also have a significant impact on the value of the coin.
Bitcoin (BTC) Price Today – BTC / USD
At the time of writing, Bitcoin (BTC) is trading at $6,359 after an increase of less than one percent over the past twenty-four hours. Bitcoin (BTC) currently has a market cap of $109.73 billion and its trading volume over the past twenty-four hours is $3.78 billion.