Venture Capital firm TMT Investments has announced plans to launch a new fund investing in blockchain-related opportunities.
The official announcement states that the new blockchain fund is a joint initiative with a number of blockchain industry participants. TMT said that while the details of its participation have not been finalized, it is expected that some of its senior team members would join the board of directors of the Fund's management company.
In addition, TMT said that it will contribute its human resource and expertise to the Fund.
According to the details provided by Business Insider, the $60 million fund will invest in blockchain-focused firms. The fund will, however, have a cryptocurrency component as well.
TMT Investment partners Julian Zegelman told Business Insider that of the fund’s $60 million, $45 million will come from traditional investors and the remaining $15 million is to be raised by a token sale to outside investors. TMT plans its token to be treated like a security, which would be sold only to accredited investors.
"It would be a fully compliant security token," Zegelman said.
