Today in cryptocurrency: Bitcoin investment fund approved in Canada, NextBlock Global plans $50 million IPO

alex tapscott

This week, several Canadian institutions and companies made strides in the cryptocurrency space in Canada. Here’s the latest on Canada’s movers and shakers.

First Block Capital receives approval to operate bitcoin investment fund

The British Columbia Securities Commission announced the approval of an investment fund manager in Canada solely dedicated to cryptocurrency investments.

First Block Capital has been granted registration as an investment fund manager and an exempt market dealer to operate a blockchain investment company. The BCSC is allowing the company to operate under the present regulatory framework, while First Block Capital will provide tools to the BCSC to evaluate the identified risks of this innovative fund type.

BCSC said that cryptocurrency investments raise risks that are different from traditional asset classes, including cybersecurity risks inherent in dealing with digital currencies.

“We strongly encourage other companies in British Columbia, whether they are potential new registrants or existing investment fund managers, to contact the BCSC’s Tech Team if they are considering pursuing cryptocurrency investments in their funds,” said Masum. “The Tech Team can help ensure compliance with securities regulation, which can help save time and potential costs later on.”

NextBlock Global plans to raise $50 million IPO

According to a report from Bloomberg, NextBlock Global plans to raise $50 million in an initial public offering this year on the Toronto Stock Exchange.

The $20 million NextBlock Global investment company was launched by Blockchain Research Institute co-founder Alex Tapscott in early August. NextBlock Global will invest in the digital asset space, with a focus on assets like bitcoin and ethereum.

Jessica Galang

Jessica Galang

Jessica Galang is BetaKit's News Editor.

  • Jason G

    The crypto ponz might be safer than most of the mining stocks on the TSXV