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BitcoinGrowthFund (BGF), the world’s first block chain-based start-up fund for the venture capital industry, is looking to raise about $32 million (₹225 crore) through an Initial Coin Offering (ICO), which opened on April 27 in Bangkok.
Dubai-based BGF is selling 10 million tokens of value at $3.2 each. The company, which received $1.6 million in the first 24 hours from global retail investors, has raised more than $2.5 million through the ICO till now. An ICO — generally open for 60 days — is much like an IPO, with investors given bitcoins and Mcap tokens instead of shares.
“Investors have bought more than 1,500 bitcoins, which are evaluated and traded in US dollars. The interest has been primarily coming in from bitcoin enthusiasts from India, South East Asia and China. We are much stronger in Asia,” BGF spokesperson Arvind Sehmay, said confirming the development.
BGF enables regular and small investors to invest in the fund by buying Mcap tokens, while proceeds are invested in mining of crypto currencies such as DASH, Ethereum, Monero, Litecoin, Z-cash, Bitcoin and others. Also, a part of the fund is further invested in upcoming ICOs of block chain companies.
BGF is a liquid fund targeting investments in Crypto currency mining and start-up ecosystem. It provides investors opportunity to invest in Crypto currencies through purchase of Mcap tokens. Mcap owners, who can also trade and exchange these tokens, are entitled to monthly payouts based on the fund’s performance.
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