Bitcoin blockchain startup fund BGF raises Rs 95 crore in ICO

Closing its first round, Bitcoin Growth Fund (BGF), a blockchain-based startup fund, has raised $14.5 million (approx Rs 95 crore) as part of its initial coin offering (ICO).

BGF was founded in January this year in Dubai, the founding team includes Phil McCauley, Nagaraj Konda and Mattias Frost. The company focuses on Asian markets. In BGF a regular or small investor can invest by buying a token named MCAPS via ICO. ICUs are not regulated as investors get tokens instead of share..

According to BGF guidelines, the minimum investment amount required is $5 and there are close to 6 lakh investors from India who have subscribed to MCAP via ICO.

Most investors from India

Most of the retail investors have background of tech and finance. Arvind Sehmay, director of BGF, was quoted by the ET as saying that more than sixty percent of the fund has been subscribed by retail investors from India followed by China (30 percent) and South Korea and other countries.

The investors buy token Mcap, which is a cryptocurrency mining fund that would invest in various cryptocurrencies like Monero, Litecoin, Z-coin, Bitcoin and others.

Mining is a farming process. The yield received during the process is distributed as either dividend or profit. During the mining process, miners try to get the cryptocurrencies as much as possible and as quickly ..

Meanwhile, in order to bring transparency in the virtual currency market, many startups like Zebpay, Unocoin, Coinsecure and SearchTrade had joined hands to form the Digital Asset and Blockchain Foundation of India (DABFI).

According to a blockchain research and consulting group, BGF has raised $180 mn via ICOs this year, compared to $101mn in 2016.

Image Source: Bestofbtc