Bitcoin Growth Fund (BGF) a blockchain-based startup fund, has raised $$14.5 million (Rs 95 crore) as part of its initial coin offering (ICO). The startup has already picked over $1.6 billion in the first 24 hours, with more capital continually pouring in over the past week. It plans to achieve an overall corpus of around $32 million.
Bitcoin, which was launched in 2009, is often described as the first cryptocurrency, even though prior systems existed.
BGF launched the ICO on 27th April 2017 in Bangkok and within 24 hours had received 1.6 million dollars of investment from retail investors globally.
ICO (Initial Coin Offering) is an unregulated means by which funds are raised for a new cryptocurrency venture. The investors gets coins/tokens instead of shares in a company
BGF was founded in January 2017 in Dubai, the founding team includes Phil McCauley, Nagaraj Konda and Mattias Frost. At BitcoinGrowthFund, with the help of Blockchain, you can invest as minimum as 1 BTC in a startup with high growth possibilities.
Arvind Sehmay, Director of 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 Cryptocurrency mining and startup ecosystem. 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 capitals funds in regular/small investors who are looking to 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.
Bitcoin startups Zebpay, Unocoin, Coinsecure and SearchTrade had come together to form the Digital Asset and Blockchain Foundation of India (DABFI) brings the orderly and transparent growth of the virtual currency market. They also create awareness on the benefits and risks of cryptocurrencies, liaise with regulators and bring in clarity on taxation. Read more about Indian Startup Ecosystem.