Singapore exchange BiteBTC has newly announced the opening of a US$25 million venture fund to support blockсhain projects. BiteBTC Exchange will welcome a number of private and institutional partners in Singapore and other Asia Pacific countries. The purpose of the fund is for developing pre-seed projects needing additional funding.
The selection will be carried out by a commission including both BiteBTC Exchange and crypto community experts. The chosen projects will receive financing in tranches according to an 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’s goal is to create its own blockchain, then the founders should prove their values in comparison with the already existing developments.
These steps aim to weed out deliberately fraudulent projects, whose purpose of which is to collect funds without creating and promoting a real product.
The minimum amount of invested funds is $1 million. 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. 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. 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”.
BiteBTC was launched in 2017 in Singapore and is 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 growing. In addition, BiteBTC has partnered with some of the major coins recently, like Verge, DigiByte, Reddcoin, and ZenCash.
