Canada has slowly but surely been making splashes in the cryptocurrency world, and the latest decision put forth by the Ontario Securities Commission Panel has only made the impact even clearer.
Yesterday, on October 30, 3iQ Corp, a Canadian investment fund manager focused on the digital asset space, and disruptive technologies revealed that they had received the green signal for The Bitcoin Fund. 3iQ is one of several companies from Canada that have made big names for themselves in the fintech industry.
Post the announcement, Fred Pye, the President, and CEO of 3iQ, said:
“Over the past three years, we have worked actively with the OSC’s Investment Funds and Structured Products Branch to create an investment fund that we hope will allow retail investors the benefits of investing in bitcoin through a regulated, listed fund.”
Fred Pye added,
“We have addressed the questions of pricing, custody, audit, and public interest issues in a regulated investment fund. We intend to refile the prospectus as soon as possible as the next step in bringing this ground breaking fund to investors.”
The company has plans to offer retail investors the exposure to Bitcoin and the decentralized asset class combined with registered and traditional investment accounts. It was also known that 3iQ had friends in high places, with VanEck industries being one of them. Jan van Eck, the CEO of VanEk, had stated:
“We were pleased to work closely with 3iQ in both the development of the index and in working with the regulators to address their concerns. We are obviously impressed with the determination and persistence of our Canadian partners.”
The partner list for 3iQ was impressive as Gemini also joined Van Eck, the Winklevoss brothers founded cryptocurrency organization. Gemini will be tasked to act as the digital asset custody solution for 3iQ. Cameron Winklevoss, the President of Gemini, claimed:
“As a New York Trust company we are required to store digital assets in a trusted, safe and compliant manner and will employ those principles to help 3iQ manage this innovative fund.”
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