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FD7 Ventures Acquires Stake in Provider of Canada's First Crypto Credit Card
Only 1,000 of the bitcoin credit cards will be issued in 2021, with shipping expected in June.
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.
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- 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
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
