Bitcoin.com, the leading advocate for Bitcoin Cash, plans to launch a $200 million investment fund that will focus on BCH-based products such as payment solutions and non-custodial financial services.
The new fund is set to complement the existing offering of the Bitcoin Cash ecosystem, which also includes a gambling site, wallets, and a news site.
Although the exact details yet to be revealed, the initial description provided by Bitcoin.com chairman Roger Ver suggests that it is not a hedge fund, but more a venture capital-style fund that will take a long-term view to the market.
— Roger Ver (@rogerkver) November 20, 2019
Roger, aka Bitcoin Jesus, could not say if the fund has already planned to invest in any startup projects, but he did not discount investing in any particular infrastructure and businesses that are building on top of the Bitcoin Cash ecosystem.
Did COVID-19 Save the Forex Industry?Go to article >>
Dubbed ‘BCH Ecosystem Investment Fund,’ its initial portfolio will include incubating businesses like payment gateways, processors remittances, wallets, and merchant acquirers.
In order to jumpstart investor acquisition, startups looking for funding will be able to pitch their projects to the company. Roger and Bitcoin.com will leverage their experience in investing to determine whether to grant funding, charging a fee for managing the fund, on top of the fees to access the underlying payment businesses.
Projects will have to fit certain criteria to be considered for funding, and a dedicated landing page for them to submit their business plans will be launched soon.
Institutional money is too lucrative to ignore
“We are super excited to launch the $200 million ecosystem fund that will rapidly scale up Bitcoin Cash focused businesses,” stated Bitcoin.com CEO Stefan Rust. He added that they already receive between 6 to 8 business plans every day from software entrepreneurs.
Rust referred to the Simple Ledger Protocol, a recently-introduced feature in Bitcoin Cash that allows for creating custom tokens that mimic Ethereum’s standard ERC-20 tokens.
“Bitcoin.com is strongly promoting the adoption of Bitcoin Cash as peer-to-peer electronic money as well as the development of the surrounding BCH ecosystem. The protocol has helped the development of an ecosystem for BCH that replicates the variety of ERC20 tokens on the Ethereum network,” he added.
Bitcoin.com is a crypto news and information site that provides a variety of related services, with an emphasis on Bitcoin and Bitcoin Cash, including a media outlet, crypto casino, and a mobile wallet for both of these cryptocurrencies. It announced earlier this year it would launch a crypto exchange called Exchange.Bitcoin.com, the latest addition to a suite of products it provides beyond their news service.