In May this year a band of angel investors was formed – named BitAngels, the first multi-city angel network and incubator dedicated exclusively to digital currency startups. They came together in the wake of the Bitcoin 2013 Conference, held between May 17 and 19 in San Jose, CA.

60 angel investors poured about $7 million worth of Bicoins into the new fund at launch, but a month after the network grew to 120 angels and over $18 million dollars worth of Bitcoins.

BitAngels made its first bitcoins investment in Blueseed (one of the founders is Dan Dascalescu), the “offshore venture” that incubates startups in international waters – on a boat – not far off the coast of Silicon Valley. The location allows startup entrepreneurs from anywhere in the world to launch or grow their companies near Silicon Valley, without the need for a U.S. work visa.

The angel network BitAngels was established by the Engine.co founder David A. Johnston and SocialRadius CEO/Marketwire founder Michael Terpin, along with four additional founding board members Gyft CEO Vinny Lingham, Memory Dealers CEO and “Bitcoin Jesus” Roger Ver, Tradehill CEO Jered Kenna and angel investor Sam Onat Yilmaz.

The network is in talks to fund other three Bitcoin startups.