FD7 Ventures Acquires Stake in Provider of Canada’s First Crypto Credit Card

Jamie Crawley
·1-min read

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.

See also: Winklevoss-Founded Gemini to Offer Credit Card With Crypto Rewards

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