Investors in an ICO fund are hoping to raise more than $300 million this month to help finance a new cryptocurrency that aims to revolutionize the way money is spent in the world.
The ICO fund aims to raise a total of $2.5 billion through the sale of tokens.
The fund has raised a total $1.4 billion so far, with the first tokens to go on sale on September 14, according to an ICO official.
The fund will be backed by venture capital firm Sequoia Capital and venture capitalist Brian Armstrong.
The investment firm is an investor in a number of ICOs, including the Ethereum blockchain project and the cryptocurrency-focused crowdfunding platform Crowdsale.
The new fund aims at raising a total amount of $300m, with an initial market cap of $1 billion.
The new fund, which will be known as The Crypto Fund, will aim to build an ecosystem that enables people to store their wealth on a blockchain that would be easier to access than cash.
According to The Crypto Commission, which is working on the ICO, the new fund will help facilitate the digital transfer of money.
The token sale will be capped at $1,000 per token.
The company says it hopes to raise at least $300million in the first half of 2018.
The company will use the money to fund development of the token, which the company claims will be used to provide an easier and cheaper way for individuals and companies to store and spend their digital assets.
“We’re excited to be a part of a company like this that’s building the blockchain for the future of the internet, and we’re going to make it as easy as possible for people to transfer money,” said Sequoias co-founder and CEO David Sussman.
The ICO has already raised more than a billion dollars in funding from investors, including Andreessen Horowitz, Draper Fisher Jurvetson, Andreessen Media, Bessemer Venture Partners, CapitalGurus and others.
Funds raised through The Crypto Foundation are also eligible for government funding.
According the ICO official, The Crypto Community Foundation will invest $1 million in The Crypto Project.
The foundation will use its funds to support a project to make smart contracts for online payments, with a focus on making the internet faster, safer and more efficient.
The Crypto Community Fund was launched in October, but it is not clear whether it will be able to reach its fundraising goal.