Canada Issues First Regulated BTC Fund On NEO Platform
Canadian investment firm, First Block Capital, announces its Bitcoin Trust project achieved the status of a mutual trust fund available for investors with high accreditation. According to an official announcement on September 10th by NEO Connect, the FBC BTC Trust is available on their platform. Claiming to be Canada's first regulated Bitcoin fund, the project is exclusively offered to investors with accreditation.
The platform stores funds in registered accounts that are self directed much like TFSAs or plans for retirement programs. The company’s product can be located under the title ,FBCBT, which is now on NEO's network. The platform issues forty six funds across fifteen dealer networks associated with three main investment firms.
Comments from Sean Clark, FBC’s Chief Executive Officer, noted that the firm offers user friendly accessibility to BTC investment by eliminating complex barriers experienced when attempting to invest directly in BTC. Clark described FBC as Canada’s market leader for blockchain and crypto-based investments. He also described NEE Connect as an ideal partner for growing their project within the reliable distribution platform.
First Step Towards Making Canada A Global Lead in Digital Asset Investments
The fintech company, NEO Connect, enables advisors to trade FBCBT in the same process used in ETFs. The process involves simply inputting the desired quantity of units wished to be bought, selecting the clearly marked buy button, and the position is then sent automatically into that investor’s registered account. Each order is transacted by the end of each business day at net asset value separate to any additional spreads.
NEO’s Chief Executive Officer, Jos Schmitt, stated that as of Monday, September 10th, the FBC Bitcoin Trust offers accredited investors the ability to work with advisors to easily trade BTC, a first for the nation. First Block’s CIO, Marc van der Chijs, noted their collaboration is a major step towards making Canada a global lead in regulated digital asset investments.
Earlier this year, Canadian regulators passed the approval of Harvest Portfolios developed ETFs now available for trade on the Toronto Stock Exchange.