The world of crypto has been developing quite fast lately, and investors are increasingly interested in this budding new market. They include several Indian technology investors who have joined forces to launch B1T Capital, a dedicated crypto fund, in the United States.
Lack of Regulatory Framework
Restrictive cryptocurrency regulations in India influenced the decision to launch B1T Capital in the United States. “Almost all the investors and the capital in this pool (B1T Capital) are Indian, except maybe a few. It is registered in the US due to favorable regulations,” Utsav Somani, managing partner of B1T Capital, told Inc24.
Somani also said that around 500 new crypto funds are expected worldwide in 2018 but that none of them are from India. He stated:
“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 and (they can get that) by partnering with us. We aim to open up India’s crypto ecosystem for them.’’
The Story Behind the B1T Capital Fund
B1T Capital was established in 2018 in Salt Lake City, Utah. The company plans to fund around 25 projects in the next few years, with investment amounts anywhere between $75K and $150K.
The company will focus investments on presale projects, particularly and exclusively on presales of web 3.0 infrastructure layer projects. As such, their first investment is in Orchid.com, a startup dedicated to the re-establishment of an unrestricted and open Internet.
As a result of problems surrounding many ICOs last year, B1T Capital will not be delegating any funds to ICOs. Issues like falsified whitepapers and exit scams indicate a lack of regulation and governance in the ICO sphere that translates to unwanted risk for the company. As Somani stated:
“Since evaluating blockchain-based projects requires an entirely new level of expertise, B1T Capital is going to target projects that have experienced sectorial investors like the large crypto funds (Polychain, Metastable, A16Z Crypto, etc.).”
In addition to his positions at AngelList and B1T Capital Fund, Utsav Somani is also a board member at test prep company Testbook, software company Betaout, and CoinDCX.
The post Indian Tech Investors Team Up to Establish Crypto Fund in the US appeared first on BTCMANAGER.
Source: BTCManager.com
Original Post: Indian Tech Investors Team Up to Establish Crypto Fund in the US
