Bloomberg: Blockchain Capital LLC, which backs startups 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 group would otherwise issue limited shares in the fund.
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.
It is the ease of use when specifying a virtual coin instead of shares. When transaction costs go to zero, the sandbox uses coins to stand in for stocks, shares, ownership, poker chips and pizza slices.. When we add Redneck S&L technology then applications that need congestion management work, like cragslist, Walmart, and government bond defaults, all work dandy in the sandbox.
Exciting times.
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