Asset manager claims to launch Canada's first cryptocurrency fund

But was it really the first firm to do so?

Asset manager claims to launch Canada's first cryptocurrency fund
Rivemont Investments has made its mark in the industry by launching what it claimed to be Canada's first cryptocurrency fund available to accredited Canadian investors and clients of portfolio managers.

Dubbed as the Rivemont Crypto Fund, the fund already has reached a capitalisation of $210 billion. The fund is intended to inject assets in leading cryptocurrencies such as Bitcoin and Ethereum. Rivemont said the fund may also invest in various emerging altcoins and could buy into initial coin offerings.

Rivemont President Martin Lalonde said the fund is primarily a simplified platform for investing in the complex market of unregulated currencies.

However, was Rivemont the first one to release a fund of such kind?

Recently, First Block Capital released the details of a private placement offering of FBC Bitcoin Trust’s units, a fund that is eyed to invest exclusively in Bitcoin. The trust allows investors to gain exposure to the said currency without having to directly acquire, store, or manage the underlying bitcoins.

More so, First Block has been granted registration as an investment fund manager in British Columbia and Ontario, making it the first registered investment fund manager in Canada dedicated solely to cryptocurrency investments.

While there is still confusion around who one did it first, one thing is for sure: as Rivemont’s Martin puts it, these types of currencies may spur opportunities the same way the internet did in the 1990s.

"Some firms have announced the launch of similar funds but the Rivemont Crypto Fund is the only one thus far that is really accessible to accredited Canadian investors," he said.

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