The world of encryption has grown quite fast recently, and investors are increasingly interested in this emerging market. They include several Indian technology investors who have joined forces to launch a dedicated encryption fund, B1T Capital, in the United States. India’s restrictive cryptocurrency regulations have affected the decision to introduce B1T capital in the United States. “Almost all investors and the capital of this pool of funds (B1T Capital) are in India, except for a few. It is registered in the United States because of favorable regulations,” Utsav Somani, managing partner of B1T Capital, told Inc24.
Somani also said that it is expected that there will be about 500 new encryption funds in the world by 2018, but none of them are from India. He said: “B1T capital is a step towards changing this trend. India is the latest market area, the project needs to visit at some point in the maturity curve, and (they can get it by working with us). Our goal It is to open up India's encryption ecosystem. ''B1T Capital was established in Salt Lake City, Utah in 2018. The company plans to fund about 25 projects in the next few years, with investments ranging from $75,000 to $150,000. .
The company will focus its investments on pre-sales projects, especially for pre-sales of web 3.0 infrastructure-level projects. Therefore, their first investment was at Orchid.com, a startup dedicated to rebuilding unrestricted and open Internet. Due to problems with many of Eicho last year, B1T Capital will not entrust any funds to Esio. Issues such as forged white papers and withdrawal fraud indicate that the lack of supervision and governance in the Esio field has led to unnecessary risks for the company. As Somani said: “Because the evaluation of blockchain-based projects requires a new level of expertise, B1T Capital will target projects from sector investors who have experienced large encryption funds (Polychain, Metastable, A16Z Crypto, etc.). In addition to his duties at AngelList and the B1T Capital Fund, Utsav Somani is a board member of the test preparation company Testbook, software company Betaout and CoinDCX.