At a time when the entire country is eagerly awaiting the Subhash Chandra Committee report on cryptocurrency and ICOs regulations in India, some Indian technology investors have joined hands to launch a dedicated crypto fund named B1T Capital.
Owing to the lack of regulations in the country, the fund has been registered in the US and will invest primarily in US-based crypto startups through private presales.
Speaking to Inc42, Utsav Somani, Managing Partner, B1T Capital and Partner AngelList India, said, “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 favourable regulations.”
He added that it is estimated 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 and (they can get that) by partnering with us. We aim to open up India’s crypto ecosystem for them,’’ added Somani.
B1T Capital has already invested in crypto startup Orchid(.com) and is about to close another investment.
B1T Capital Fund
Some 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.
The ticket size of the investments will vary from $75K to $150K, said Somani. “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).”