Blackrock, a private blockchain-based crypto fund, announced a new cryptocurrency fund, Blackrock Bitcoin, that is expected to raise around $30 million in a short period of time.
The fund will be backed by the Blackstone Group and will have a $1.6 billion valuation, Blackstone CEO Richard Smith said in a statement.
“The Blackrock fund will create a new avenue for investors to support the long-term growth of Blackrock’s crypto asset platform,” he said.
“It will be a smart way to grow the value of Blackstone’s existing asset platform and create value for the shareholders.”
The new fund will have “a small ownership cap of 1% to 1.5% and a maximum investment amount of $100,000,” Blackstone said.
Blackrock, which operates the Black Diamond cryptocurrency exchange, also announced that it will invest in its new venture, the Black Rock Blockchain Fund.
It has also launched a fund called Blackrock Global Asset Management.
The Blackstone Bitcoin fund is expected not to receive any of the funds raised by Blackrock Black.
It’s not clear when Blackrock will be able to raise the new fund.
The fund will only be available to investors who have made an initial investment in Blackrock and are now holding the BlackRock Bitcoin token.
The company is also working on a token sale of the BlackStone blockchain that could take place later this year.
The token sale is slated for April 3, 2017.