India’s strict stance towards cryptocurrencies did not stop one group of entrepreneurs and blockchain enthusiasts to set up a fund within the United States. The group of influential investors from the country raised $20 million and launched B1T Capital which is an US-based incubator that is solely focused on cryptocurrencies.
According to records from SEC, the fund was registered at the end of June in Salt Lake City, Utah. Moreover, the fund raised “close to million dollars” from undisclosed investors with the sole purpose of investing in cryptocurrency startups that are registered in the US via private presales.
According to one B1T Capital partner Utsav Somani, this move was a straightforward choice, knowing the lack of regulations in India. This is why B1T chose the US as a highly-favorable regulatory and technological environment in the US.
As Somani said in an interview with the local publication Inc42:
“There are going to be 500 new crypto funds in 2018 globally. Interestingly, none are from India. B1T Capital is a step towards changing that. India is the most emerging market geography that projects will need access to at some point in their maturity curve.”
He also added that B1T aims to open India’s crypto ecosystem and expand it further. Even though the fund is new, B1T Capital has invested a lot in Orchid which is a distributed marketplace that aims to create a framework for digital citizenship, closing another investment this month.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com
Discussion about this post