First Block Capital Launches Bitcoin Mutual Fund In Canada

First Block CapitalCanadian Bitcoin investors have reason to rejoice as First Block Capital Inc. (FBC) recently announced that its FBC Bitcoin Trust product has received status as a mutual fund.

While many people in America are excited about the possibility of Bitcoin exchange-traded funds (ETFs) getting approval from the SEC, Canadian investors have other Bitcoin financial products to choose from.

Canadian based FBC will now give crypto investors the opportunity to invest their money into the fund with various accounts available like a tax-free savings account or a retirement savings plan.

Invest Via NEO Connect

Investors can access the fund through the fund distribution platform – NEO Connect. This will be available to accredited investors and putting in money is as easy as working with ETFs. A great feature of NEO Connect is that it allows for daily settlements instead of the normal 30-day delay.

In a statement, Joe Schmitt, NEO's president and CEO, said

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

Schmitt emphasized that NEO's main goal is to make digital currencies accessible to everyone. This new mutual fund is a good first step since it allows for people to use digital currency as investment vehicles while also providing people with instant liquidity. He feels that this puts Canada at the top of the blockchain investment market.

Simple Investing With NEO

Sean Clark, First Block's CEO agrees with Schmitt and emphasizes how the FBC Bitcoin Trust removes a lot of the barriers of entry for many investors. There is no need to visit a bitcoin exchange anymore to get bitcoin. All of it is handled by the trust and all that investors need to do is to give the order to buy or sell.

For fund advisers, NEO Connect will allow them to just look for the GBC Bitcoin Trust symbol on the trading platform. They can then set how much they would be willing to buy. Once the order goes through, it will execute at the end of the day, without adding complications like bids or spreads. The result will automatically show up in the client's accounts.

The trust has already signed up more than 150 unit holders in the past year. With the approval of the British Columbia Securities Commission and Ontario Securities Commission, this trust is the first of its kind in the Canadian market.

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