OMERS, one of the largest pension funds in Canada, announced that it is soon going to launch a public company. The new company will be focus only on Ethereum, called Ethereum Capital. The Ontario Municipal Employees Retirement System boasts an impressive $72 billion CAD in net assets. It was created to handle the retirement benefits of local government employees.
The new company aims to secure $50 million CAD in funding from the public. The company will offer 20 million subscription shares at $2.50 CAD each to raise the fund. The offering is expected to close around February 16th, 2018. OMERS has also supported blockchain projects in the past. OMERS has also backed Citizen Hex, a company which calls itself an ‘Ethereum liquidity company.’ Additionally, a Toronto-based blockchain incubator called L4 Ventures will support the company as a partner. Vitalik Buterin, the co-founder of Ethereum also supports this company.
Som Seif, Ethereum Capital’s new co-CIO and executive chairman said:
“I am extremely excited to announce the launch of Ethereum Capital with support from our partners including Purpose Investments, Citizen Hex, L4, and OMERS.”
Part of Ethereum Capital’s strategy to promote innovation in Ethereum will be to acquire controlling stakes in promising startups. And the focus point will be startups that will be based on Ethereum. Additionally, the intends to acquire ETH, the currency that supplements the Ethereum network. Furthermore, ETH is the second largest digital currency in terms of market cap. OMERS Executive Managing Director, John Ruffolo, further echoed the enthusiastic sentiments towards blockchain technology:
“OMERS believes in the potential of blockchain technologies, and we thrilled to join a strong network of advisors such as Ethereum Capital.”
Blockchain bloom in Canada
Ontario-based OMERS, with the help of its partners, further cements Canada’s place as a world leader in blockchain innovation. And partnering with Ethereum Capital will only help it positively. With major research organizations like the Blockchain Research Institute located in Toronto, Canada already finds itself at forefront of blockchain discussions. Furthermore, news of Ethereum Capital’s launch also coincides with recent news that the Canadian government began trialing the Ethereum blockchain.