Cryptocurrency investment fund FD7 Ventures has announced its investment in BitcoinBlack, a firm that says it’s soon to offer Canada’s first bitcoin credit card.
- FD7 acquired 33% of Class A voting common shares in BitcoinBlack for an undisclosed amount, according to an announcement Sunday.
- Billed as "The World's Most Exclusive Metal Black Card," only 1,000 of the credit cards will be issued in 2021, with shipping expected around June 15.
- These customers will be able to transact in bitcoin wherever Visa payment is accepted.
- Prakash Chand, FD7 managing partner, said the firm invested in BitcoinBlack "because it is a big step toward the mainstream adoption of Bitcoin and crypto across Canada."
- FD7 also announced Friday the purchase of $380 million worth of Cardano's ADA cryptocurrency using funds converted from its existing bitcoin holdings.
- The investment firm now plans to convert another $370 million of bitcoin into Polkadot later this month.