Author: Jagdish Kumar, India
After the ban of cryptocurrency trading in India from 6 July 2018, investors are looking to other countries to stay afloat and do business.
Some have moved South East Asia, but few have managed to enter the US market and one such company is B1T Capital that have launched its dedicated crypto fund there.
The company has joined hands with local partners and have started investing in crypto assets in the US market.
Speaking on this, the company’s official said that majority of our investors are Indian, leaving few.
As there is no regulation in India, we are registered in the US, the company will be investing primarily in US-based crypto startups through private presales.
As per U.S. Securities and Exchange Commission (SEC) records, the fund was registered on 26 June 2018, in Salt Lake City, Utah, and has raised close to a million dollars from undisclosed investors.
Indian government has set up a Subhash Chandra Committee which is yet to give its report on cryptocurrency and ICOs regulations.
The official of B1T Captilal also added that there will be over 500 crypto funds globally in 2018, but none will be for the Indian market.
Speaking on the Indian market, he said 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.
The company has already made its first investment in a crypto startup Orchid.com, a distributed marketplace that aims to create a framework for digital citizenship, and is about to close another investment soon, it is learnt.
With a ticket sizes range from $75K to $150K, the company is going to target projects with web 3.0 infrastructure layer projects which follow strict regulatory guidelines.
B1T Capital is not looking to flip projects like retail investors, but are looking to back projects that look promising, aim to redefine protocol layers for various problems, and lead innovation.
According to an estimate, over 20 investors have raised close to a few million dollars (single digit), which will be invested in some 25 projects in the next two to three years.