Blockchain-based startup fund, Bitcoin Growth Fund (BGF) has recently raised $14.5 million (₹95 crores) as a part of its Initial Coin Offering. The startup has surpassed a whopping initial pickup of $1.6 million within 24 hours of launch.
More capital is being poured continuously since last week. BGF expects an overall corpus of $32 million. Such is the potential of blockchain technology that within the next couple of years it is going to revolutionize each and every industry domain.
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Bitcoin was described as the first cryptocurrency since its launch in 2009. However, several others existed prior to Bitcoin, the same gathered large attention.
In May, the startup raised $2.5 Mn. A part of the fund will also be further invested in the upcoming ICO blockchain projects. MCAP owners are paid monthly dividends based on returns earned from investment in these activities.
These ICOs allow entrepreneurs to raise seed capital for their ventures without paying the fees associated with crowdfunding.
The ICO was launched on 27th April 2017 in Bangkok. ICO is unregulated means by which funds are raised for a new cryptocurrency venture. And the investors receive coins instead of shares in the venture.
The startup was founded in January 2017 in Dubai by Phil McCauley, Nagaraj Konda, and Mattias Frost. At the startup, you can easily invest a minimum of 1BTC in startups with high growth possibilities.
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Arvind Sehmay, Director of Communications, BitcoinGrowthFund spoke to IndianCEO, “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 Cryptocurrency mining and startup ecosystem.”
He further added, “We provide investors (regular/small) opportunity to invest in Cryptocurrency ecosystem through the 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.”
BGF Venture Capital funds in small investors who are looking to invest into the fund by buying tokens named “MCAP” and the fund collected are invested in the mining of various cryptocurrencies like DASH, Ethereum, Monero, Litecoin, Z-cash, Bitcoin and others.
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Startups from the Bitcoin sector including Zebpay, Unocoin, Coinsecure, and SearchTrade collaborated to form the Digital Asset and Blockchain Foundation of India (DABFI). The same brings in an orderly and transparent growth of the virtual currency market from February this year.