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Venture capital group Blockchain Capital has unveiled the details of its planned new blockchain investment vehicle in a newly published investment memorandum.

The group’s Digital Liquid Venture Fund will be established to raise initially $10 million, as a share of what is expected to be a much larger $50-million fund providing crucial investment to startups.

The fund will raise capital through a so-called ‘initial coin offering’, selling BCAP tokens on the ethereum platform. Investors will be able to buy up to 10 million tokens, with a face value of $1 per token.

The fund will run with an annual management fee of 2.5 percent, plus a 25 percent performance share. There is also the option for the fund to buy back tokens on the open market in the event of a declining market value.

The ICO is scheduled for October, and will draw on expertise from Allen & Overy LLP and the TokenHub platform. The funds raised from the ICO will be divided equally between reserve funding and unitary investments of $500,000 in different startups.

The tokens are being offered to a maximum of 99 investors, to take into account U.S. filing protocol exemptions for funds with fewer than 100 investors.

The funding round is thought to be a world first, raising capital from blockchain tokens for the first time in what looks set to be a landmark for the development of the blockchain.

If successful, the fund will continue to support blockchain and other fintech startups, helping fund the next generation of blockchain businesses while growing their fund capital.

Blockchain Capital was established in 2013, and has a track record of successful investing within the blockchain ecosystem.

The first investment fund dedicated to blockchain and bitcoin assets, it was also the first to be open to bitcoin capital calls.

Founded by Bart Stephens, Brad Stephens and Brock Pierce, their funds offer investors the chance to take diversified exposure to different blockchain startups, to provide a unique investment proposition to those backing the industry.