Blockchain Capital, the San Francisco-headquartered venture capital firm investing in blockchain technology companies announced that today April 10th, at 12:00 pm PDT it successfully closed its previously announced offering of USD $10 million digital tokens (BCAP Tokens), having raised the target amount within 6 hours and heavily oversubscribed.
The BCAP Tokens are an Ethereum-based smart contract digital token representing an indirect fractional non-voting economic interest in Blockchain Capital III, Digital Liquid Venture Fund, LP.
The BCAP Tokens are to be issued by Blockchain Capital TokenHub Pte. Ltd., an indirect wholly-owned subsidiary of Argon Group Holdings on May 10, 2017. Accounts will be updated on this date to reflect allocations.
The Digital Liquid Venture Fund through BCAP Tokens will seek to provide the following value:
- Level playing field between institutions and individuals in VC
- Get exposure to top tier companies. Prior investments include Abra and Coinbase
- Have transparency with regular portfolio valuation updates
- Lower fees without middle-men
- Option to take profits or increase exposure with a liquid market
- Traded tokens have no minimums or barriers to entry
- Built-in value appreciation mechanism through repurchase
BCAP tokens are to be traded in perpetuity once distributed. Each token is worth the equivalent of $1.00 upon issuance.
The BCAP tokens are being offered on a limited basis to a maximum of 99 accredited US investors under exemptions from registration with the U.S. Securities and Exchange Commission pursuant to Regulation D, Section 506(c) and Regulation S of the Securities Act. Only accredited investors within the US and non-US persons outside of the US will be eligible to purchase BCAP tokens.
