3iQ to manage part of Bhutan's Gelephu Mindfulness City Bitcoin treasury

3iQ, the Toronto digital asset manager now owned by Japan’s Coincheck, has announced that it will manage a portion of the Bitcoin reserves behind Bhutan’s Gelephu Mindfulness City (GMC).

3iQ will be the special economic zone’s first named manager for the sovereign crypto it plans to build a financial hub on.

Why is 3iQ managing Bhutan’s Bitcoin?

A partnership was announced between 3iQ, which is now owned by Japan’s Coincheck Group (NASDAQ: CNCK), and Bhutan’s Gelephu Mindfulness City (GMC). 3iQ, GMC’s first named asset manager, will be in charge of handling a portion of its Bitcoin holdings.

3iQ has also agreed to train Bhutan’s local staff, transfer expertise, and maintain a permanent office in Gelephu, helping the region develop into a digital offshore financial center.

Pascal St-Jean, 3iQ’s Director and Chief Executive, said the company would put Bhutan’s capital to work “responsibly, transparently and for the long term.”

Jigdrel Singay, a board director at GMC, called the deal “an important first step” in building the city’s digital asset hub. He also revealed that 3iQ’s commitment to building local capabilities was part of the reason for its selection.

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