• 3iQ Corp leads the negotiation with Dubai for the Bitcoin fund.
• The Canadian Stock Exchange expects to trade above $200 million.
Dubai celebrates its first Bitcoin fund on the 3iQ manager launched last Wednesday. The Canadian virtual currency manager 3iQ hopes to raise at least $200 million in the offering. This will create a new cryptocurrency purchasing boom by citizens in the UAE.
Bitcoin is one of the most popular all the numerous cryptocurrencies that exist. Bitcoin ranks number one for its value even though it now has a bearish chart.
3iQ creates the new Bitcoin fund
The organization that manages virtual currency investment funds in Canada, 3iQ Corp, announced its new Bitcoin fund. This corporation is one of the most significant in the Canadian region, so the announcement is significant. In addition, 3iQ has officially listed the Bitcoin fund on the Nasdaq stock exchange in Dubai.
The company said this would be the first Bitcoin fund to gain such prominence in the Middle East region. Dubai had been impartial on cryptocurrencies, but after this announcement, its preferences are known. 3iQ Corp also says this capital market will benefit North Africa due to its proximity to the Arab region.
The CEO, Fred Pye, said that Bitcoin works worldwide, which opens its investment space. With this Canadian partnership with Dubai, the Bitcoin fund will be on the block throughout the day due to the beneficial time difference. However, this requires coordination by Canadian agents and those operating in Dubai.
3iQ Corp’s new way of working
The Canadian stock market hopes to do well with the Bitcoin fund if the market stabilizes in the coming months. Expectations are to trade between $200 million or even a little more. However, Bitcoin plunged below $30,000 on Tuesday after hitting its all-time high in May.
This drop in the crypto price has occurred mainly due to the China repressions that have not stopped. However, the token recovered its value early on Wednesday, trading at $34,104.
The Bitcoin farms in China correspond to almost 80% of the world market, which gives life to their value. So with these new sanctions against BTC mining, it is understandable because the asset is plummeting. But the country’s mining companies are opening up to other regions such as the United States to continue operating.
The 3iQ fund ended with a favorable peak of $38.30 with the announcement of this new trade. The fund is expected to grow as investors gain confidence in it.