Blockchain startup BitcoinGrowthFund raises $2.5 mn via ICO; aims for $32 mn

Moneycontrol News

BitcoinGrowthFund (BGF) world’s first blockchain based start-up fund for Venture Capital Industry has been successful in raising more than USD 2.5 million as a part of its initial coin offering (ICO).

BGF launched the ICO on April 27, 2017 in Bangkok and within 24 hours had received 1.6 million dollars of investment from retail investors globally. ICO is like an ‘IPO’ where investors get coins/tokens instead of shares in a company or fund.

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 mining of various crypto currencies like DASH, Ethereum, Monero, Litecoin, Z-cash, Bitcoin and others.

Also, a part of the fund is further invested in upcoming ICOs 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 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.”

About Blockchain ICO’s

For entrepreneurs with compelling project concepts, the ICO opens the 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.