“First and only” regulated bitcoin Fund of Canada First Block Capital Inc. received the status of the Fund and collective investment trust for its FBC Bitcoin Trust that will allow its investors to allocate funds to registered accounts, such as tax-free savings account (TFSA) and registered savings accounts (RRSP).
Access the trust is via the platform for the distribution of funds NEO Connect under the Ticker FBCBT exclusively to accredited investors. NEO Connect allows for daily payments, thus eliminating the pre-existing 30-day limit.
“First Block provides opportunities for investing in bitcoin, eliminating the complex barriers direct investment in crypto-currencies”, — said CEO and co-founder of the First Block Sean Clark. “As the market leader in the provision of investment mechanisms based on the blockchain and cryptocurrency in Canada, we are very pleased that our Foundation has become more accessible to the community of accredited investors. In this fast paced changing world NEO is a great partner, with whom we use the opportunity to build our Fund in their proven and rapidly expanding network of distribution of funds”.
Consultants acting on behalf of the investors is invited to find the Ticker of the Fund on the NEO platform, Connect using the available trading tools to choose the number of units of cryptocurrencies that they want to buy and request that will be executed at the end of the day at the current price of an asset no spread of supply and demand. The thus obtained position is automatically added to the user’s account.
The trust will provide investors access to bitcoin without having to purchase, store and manage by the asset. Investments in the trust are considered to be qualified investment Fund collective investment in accordance with the tax legislation. Less than a year since its inception, the Fund has attracted over 150 investors.
Under the First Block Capital trust has received approval from the securities Commissions of British Columbia and Ontario and is the only approved product of its kind in Canada.
“Today, for the first time in the history of Canada to accredited investors through investment advisors, can hassle-free to take positions on bitcoin via the Bitcoin Trust FBC”, — said the President and CEO of NEO Connect Joe Schmitt.
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