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Founded in 2012 by Fred Pye and Jean-Luc Landry, 3iQ Corp. is an investment fund manager which focuses on digital assets and innovative technologies. On October 30, 3iQ announced to have received green light from the Ontario Securities Commission (OSC) for a closed-end Bitcoin fund.
The fund is now going to be listed for trading on a major Canadian stock exchange by the end of this year.
OSC had refused to issue a receipt for the prospectus of this fund earlier this year. Later on, 3iQ filed an application for review of the decision and a public hearing was held before a panel of OSC. The panel approved the Bitcoin(BTC)trade Fund and advised the director of OSC to issue a receipt of the final prospectus of the fund.
Fred Pye, the founder and CEO of 3iQ, said that for the creation of this fund they have actively worked with the Structured Products and Investment Funds Branch of the OSC for the last three years. He also added that the issues of auditing, pricing, public interest, and custody have also been addressed by the company in the listed investment fund, for which they plan on refiling the final prospectus very soon.
Howard Atkinson, the Chairman of 3iQ, shared his thoughts on the Bitcoin Fund by saying that they are very much excited to provide the retail investors with exposure to such a new class of digital assets within conventional and registered investment accounts. He also appreciated their audit team from Raymond Chabot Grant Thornton (RCGT) and the legal team at Osler as they played a significant role in getting support from the panel.
Collaborating with Other Crypto Firms
The Gemini Trust Company LLC, a New York-based cryptocurrency exchange and trust company, has been appointed as a custodian of the Bitcoin Fund. A Chief Investment Officer of 3iQ, Shaun Cumby, expressed his pleasure in having Gemini as a custodian for their digital asset in partnership with the Cidel Trust Company.
Cumby said that the continued support of their teams has played a role in making the Bitcoin Fund a reality. The President of Gemini, Cameron Winklevoss, also expressed his excitement over their selection as a custodian of the Bitcoin Fund and said that as a New York Trust company, they will help 3iQ manage the fund by storing digital assets in a safe, secure, and trusted manner.
Over the last three years, 3iQ has been supported by its partners such as MV Index Solutions of VanEck for the development of an innovative Bitcoin benchmark. VanEck’s MV Index Solutions is a regulated index provider and a leading developer of cryptocurrency data series and indices.
Jan van Eck, CEO of VanEck expressed his pleasure over working with 3iQ in developing the index and in addressing the concerns of regulators. He also added that they are impressed with the dedication and determination of the 3iQ company.