Russia’s Blockchain Venture Fund Wants to Invest $1bln in ICO Projects
Russian plans to embrace ICOs to the tune of up to $1 bln, FinShi Capital plans.
In a press release issued today, the “syndicate of venture funds” announced it had raised $1.3 mln during its pre-ICO campaign, and aims to generate another $50 mln in its ICO proper in October.
Targeted investors are members of Russia’s ‘Silicon Valley’ Skolkovo, and the project already has the blessing of the newly-created Russian Blockchain and Cryptocurrency Association (RABIK), co-founded by Putin advisor Herman Klimenko.
“The fund will come up with ICO (sic) for both its own business ventures as well as encourage Skolkovo residents to organize ICO (sic),” the release states.
“[...] The fund is backed by ‘miners’ and crypto asset owners of the Russian Association of crypto assets and Blockchain, Created with the intention of supporting the potential ICO investors.”
The fund is optimistic about its prospects, alleging profitability should run to “520 percent” based on “preliminary estimates.”
RABIK meanwhile clarified its stance on cryptocurrency, following Russia’s deputy finance minister Alexey Moiseev calling for a ban to everyone but “qualified investors.”
“[The] newly born Association doesn't hold the same stance and is convinced this topic should be one on the agenda at the dialogue with the regulators,” it said in emailed comments.
“For example, any owner of [...] crypto assets who is not an investor can enter the new association.”