Canada blockchain approved as bitcoin price continues to tumble | City & Business | Finance

Harvest Portfolio said the fund will invest “in equity securities of issuers exposed, directly or indirectly to the development and implementation of blockchain and distributed ledger technologies”. 

Experts said it followed a surge in businesses looking to expand into blockchain funds over concerns bitcoin does not “have as many legs in viability”. 

The independent Canadian investment management company filed the paperwork for its Blockchain Technologies ETF in January, as it seeks to to provide Canadian investors an opportunity to invest into the blockchain tech sector. 

And today the firm received approval from the Ontario Securities Commission. 

TOP 10 THINGS YOU MUST KNOW ABOUT CRYPTOCURRENCY 

It will aim to ensure ETF tracks blockchain technology projects in a bid to mirror its Harvest Blockchain Technologies Index. 

Two other Canadian companies, First Trust Portfolios Canada and Evolve Funds Group Inc are also seeking to launch blockchain funds. 

Karl Cheong, head of ETFs for First Trust Portfolios Canada, told the Globe and Mail: “Every conversation we are having with clients, regardless if we are talking about a Canadian equities product or a US equity product , inevitably leads to a discussion about blockchain or bitcoin.” 

“The commentary out there right now is that blockchain is the more viable option while bitcoin may not have as many legs in terms of viability; but bitcoin could be the Friendster before the Facebook shows up in the crypotocurrency space.

“The concept of blockchain is very attractive to investors right now, and while the idea is still very novel, the research shows that this is a technology that could potentially save billions of dollars in cost, and that is very attractive.” 

Bitcoin has had a tough start to the year, plummeting to a two month low on Friday, falling as low as $7,700. 

Check Also

Ripple price news LIVE: XRP price prediction 2018 – Coinmarketcap latest prices | City & Business | Finance

Ripple’s XRP cryptocurrency is trading at about $1.03 this morning as all the major cryptocurrencies dipped …

Leave a Reply

Your email address will not be published. Required fields are marked *