James Altucher Raising $10M to Start Crypto Exchange

James Altucher, who ironically wrote a piece called “Step by Step Guide to Make $10 Million and then totally blow it” is raising $10 million to start a Crypto exchange.

From Coindesk

Investment guru James Altucher, heralded by some members of the mainstream press as the “face of the bitcoin bubble” for his outsize presence in internet ads, is investing in a new cryptocurrency venture.

As detailed in an SEC filing dated Thursday, Altucher has invested in a seed round for a Delaware company called Bitzumi, Inc., which intends to offer a forthcoming newsletter product and exchange service. The firm plans to raise up to $10 million, with a minimum raise of $1 million.

While Altucher is described as a co-founder both in the text and on the company’s website, in emailed statements, he backed off of this categorization, calling himself just an investor and supporter of the firm. Affiliation aside, the filing indicates Bitzumi plans to use the new funds to grow its business into other verticals.

“Bitzumi Publishing’s goal is to dominate search engine traffic in the cryptocurrency industry and drive traffic to both our Bitzumi exchange and other product offerings, such as subscription-based newsletters,” the filing states.

Notably listed in the filing are a number of competing companies, among them some of the world’s largest cryptocurrency exchanges including Coinbase‘s GDAX offering and Bitstamp.