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The First Public Canadian Blockchain Fund Reaches $ 100 Million

Oct 24, 2020 | News
The First Public Canadian Blockchain Fund Reaches $ 100 Million

And the share price, accordingly, has risen by 30 percent since the launch, which took place in April 2020.

We are talking about a public bitcoin fund created by 3iQ, a digital asset management company. And yes, on October 20, the first Canadian bitcoin fund to listed on a major stock exchange reached and surpassed a market cap of 100 million. This was announced on the official 3iQ Twitter.

Tyler Winklevoss, co-founder of the Gemini cryptocurrency exchange and an experienced investor, congratulated the company representatives on this landmark event.

So, in April 2020, 3iQ is listing shares of its fund on the Toronto Stock Exchange. Approximately 1.5 million Class A shares, which began to rise slowly to reach USD 15.8 per share. Not much, but significantly higher than at the time of entering the exchange listing. Then, by the way, the shares were trading at $ 11.

And even then, Tyler Winklevoss noted that this is "the first public bitcoin fund to be listed on a major stock exchange." In this regard, he offered the fund his services for the storage of cryptocurrency assets.

This is a logical development of events, since back in January 2018, 3iQ was tested for compliance with the standards established by the Ontario Securities Commission and Canadian Securities Administrators (Canadian Securities Administration).

Tyler Winklevoss's interest is also justified, as Gemini actively interacts with the Canadian cryptocurrency market. For example, Wealthsimple Crypto, the first officially regulated crypto exchange in this country, has been trading with the support of Gemini, which provides asset storage services to it, since September 2020. And the Winklevoss twins' company itself, which received permission to operate in the United States, in the same 2020 achieved the addition of the Canadian national currency to its listing.

What can all this mean? And the fact that Canadian investors are very interested in the development of cryptocurrency projects. At least - already trustworthy, or ones that have large almost official patrons. In general, this is beneficial for the market, since the presence of at least some kind of regulation and the need to pass for compliance with various securities laws seriously reduces volatility and attracts large investors. This is exactly what happened to the 3iQ bitcoin fund.

Published on the EXBASE.IO based on materials from cointelegraph.com