[2017-02-26] BS: Venture capital fund to become first to issue own digital token

Venture capital fund to become first to issue own digital tokens

http://www.business-standard.com/article/international/venture-capital-fund-to-become-first-to-issue-own-digital-tokens-117022600012_1.html

Blockchain Capital, which backs start-ups that use the technology best known for supporting bitcoin, plans to raise a new $50 million fund partly by issuing its own digital tokens, becoming the first venture fund to do so.

The San Francisco-based company seeks to raise a portion of its third blockchain fund through an initial coin offering, or ICO, of tokens and the larger part from traditional venture-capital investors who typically contribute a minimum, Managing Partner Brock Pierce, who is also chairman of the Bitcoin Foundation, said in an interview.

The ICO could take place “in the next month or two,” he said. The company will more fully describe the tokens, which are expected to trade on secondary markets, in an upcoming offering memorandum, which will be issued through TokenHub in about a month. The company is talking with several exchanges but hasn’t confirmed which it will go with.

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