Asia has emerged as the new powerhouse for cryptocurrency and its underlying blockchain technology. The exponential growth in demand and community members in the growing economies is accompanied by rising demand for blockchain solutions among various industry segments in the region. Bitcoin Growth Fund, a blockchain based startup fund is on a mission to encourage the growth.
With a primary focus on Indian and Chinese markets, Bitcoin Growth Fund has successfully raised about $14.5 million through its recent initial coin offering. According to reports, the Bitcoin Growth Fund ICO attracted over 6 lakh participants from India alone. With a minimum investment of $5, 60 percent of the total contribution has come from Indian retail investors. The Chinese make up for another 30 percent of the contribution, followed by the cryptocurrency communities from South Korean, Philippines and other countries.
Founded by Phil McCauley, Nagraj Konda and Mattias Frost in Dubai, Bitcoin Growth Fund will issue MCAP tokens to all the ICO participants. In a report on one of the leading Indian financial news publications, the Director of BGF, Arvind Sehmay mentions the participation of Indian cryptocurrency community saying,
“Sixty percent of the fund has been subscribed by retail investors from India. Most of the retail investors are from tech and finance background who usually understand this kind of new asset class investment.”
Bitcoin Growth Fund has divided its funds into three different classes, each catering to different segments of the industry. The Mining and ICO Fund focuses on cryptocurrency mining projects, the Loyalty and New Technologies Fund has its eyes on blockchain-based loyalty programs for retail and services sector. The Blockchain and IOT Fund has a much wider focus are that includes a wide variety of blockchain projects including the ones with applications in the Internet of Things segment.
With the blockchain revolution just starting in the Asian market, Bitcoin Growth Fund, if managed properly can make a huge difference by supporting a range of cryptocurrency projects with a potential to improve various industry segments in developing economies.
Ref: Economic Times | Image: NewsBTC