Blockchain-based startup fund raises $2.5 million through Initial Coin Offering

BENGALURU: BitcoinGrowthFund (BGF), world’s first blockchain based start-up fund for Venture Capital Industry, has raised more than $2.5 million as a part of its Initial Coin Offering (ICO). ICO is like an ‘IPO’ where investors get coins/tokens instead of shares in a company or fund.

BGF launched the ICO on April 27, 2017 in Bangkok and and BGF has expressed that within 24 hours it had received 1.6 million dollars of investment from retail investors globally.

BGF is a blockchain based venture capital fund where regular/small investors invest into the fund by buying tokens named ‘MCAPS’ and the fund collected are invested in the mining of various cryptocurrencies like DASH, Ethereum, Monero, Litecoin, Z-cash, Bitcoin and others.

Also, part of the fund is further invested in upcoming ICO’s of interesting blockchain projects based on analysis. Mcap owners are paid dividends monthly based on returns earned from investment in these activities.

Arvind Sehmay, Director – Communications, BitcoinGrowthFund says, “We received an overwhelming response to our ICO and we were able to raise 1.6 million dollars in the first 24 hours itself. BGF is a liquid fund targeting investments in Crypto-currency mining and startup ecosystem. We provide investors (regular/small) opportunity to invest in Crypto currency ecosystem through purchase of our Mcap tokens. Mcap owners are entitled to monthly payouts based on fund’s performance. Token owners can also trade and exchange these token amongst themselves and other users anytime.”

For entrepreneurs with compelling project concepts, the ICO opens door to unprecedented levels of funding right at the outset, from investors located anywhere in the world, and without having to pay the kinds of fees associated with well-established crowd-funding platforms or indeed other means of raising seed capital.

For investors, the ICO creates access to new opportunities — though not without significant risk — at a time when equity markets are at all-time highs and interest rates remain at historic lows.

ICOs are inspiring for their potential to give everyday entrepreneurs a chance to fund their projects, and the average person a window of opportunity to invest in the future, come what may. Previously, investing in ground-breaking technology was only available to insiders, high net worth individuals, and top clients in private equity houses and private banks.