First regulated Bitcoin fund opens in Canada

First Block Capital recently announced that the FBC Bitcoin Trust, available to accredited investors, has achieved mutual trust status as it is now also available on the NEO Connect platform.

NEO Connect, a Toronto-based company, announced Monday that it has made FBC Bitcoin Trust services available on its platform. The fintech company claims to be the only Bitcoin fund and regulated investment product in the country. FBC Bitcoin Trust, the flagship product of Vancouver-based First Block Capital, is currently only available to accredited investors. It allows investors to hold assets in accounts of their own choosing, such as a savings or retirement account. 

Co-Founder and CEO of First Block Capital commented:

“First Block is committed to enhancing the investment appeal of Bitcoin by removing the barriers that stand in the way of direct investing in digital assets. We are a leader in our industry in Canada, and we are thrilled to be able to make our fund more accessible to the accredited investor community. And NEO is the ideal partner for us to enable fund growth through a trusted and fast network distributions.”

NEO Connect allows investors and their advisors to purchase and exchange FBCBTs in the same manner as ETFs. They need to find the ticker, indicate the number of units, and click “buy”. The order is completed by the end of the day and the asset is transferred to the user's account.

In February 2018, Canadian authorities approved the launch of a blockchain ETF developed by Harvest Portfolios. At that time it was the only Canadian product of its kind. The ETF is traded on the Toronto Stock Exchange (TSE).