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The Singapore exchange BiteBTC announced opening of a $25M venture fund to support blockсhain projects.
BiteBTC Exchange and a number of private and institutional partners of Singapore and other Asia Pacific countries became its members. The purpose of this fund is developing pre-seed projects needing additional funding.
The selection will be carried out by a commission including both BiteBTC Exchange and crypto community experts. Chosen projects will receive financing in tranches according to the approved roadmap.
The fund will not finance ICO-projects, as well as projects having only white paper without a real product. Also, if the project goal is to create its own blockchain, then the founders should prove their values in comparison with the already existing developments.
These steps let weed out deliberately fraudulent projects, the purpose of which is to collect funds without creating and promoting a real product.
The minimum amount of invested funds is $1M. In total, the fund intends to invest in at least 10 projects in 2018.
"We are sure BiteBTC will make a significant contribution to developing blockchain and help implement many outstanding blockchain projects which currently lack funding," said Bill Morton, BiteBTC Marketing Director.
"This is not the first initiative of BiteBTC to help start-up blockchain projects. A free cryptocurrency listing campaign of our exchange has been successfully running for about 2 months. The coin developer or ICO founder can count on free listing, if they write an interesting article about BiteBTC. Our commission evaluates both the article level and the project development level itself, which claims free placing. We believe that this is a great support for young start-ups that do not have sufficient funding," Bill Morton said.
"In addition, we are helping coin devs and ICO projects with Airdrop campaigns via our social media channels. We understand any cryptocurrency popularity increase depends on its efficient distribution. We are carrying out this target".
For more information, email [email protected]
About BiteBTC:
BiteBTC was launched in 2017 in Singapore and is constantly gaining popularity among traders in Asia and the US.
There are more than 50k registered users and more than 5k active traders. Overall trading volume is about $2M daily and growing.
BiteBTC has partnered with some of major coins recently, like Verge, DigiByte, Reddcoin and ZenCash.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes.
