Crypto- and blockchain-focused venture capital firm Blockchain Capital said it has raised USD 300m for its Fund V, with PayPal and Visa among the traditional investors who are still showing interest in the crypto industry.
“The fund was heavily oversubscribed at its [USD] 300 million hard cap with participation from strategic investors, pension funds, major university endowments and family offices from around the world,” the firm said.
Select investors in Fund V will be participating in the company’s strategic partnership program, including giants PayPal and Visa. “Blockchain Capital is able to leverage its industry-leading network, research capabilities and industry contacts to benefit these payments companies as well as Blockchain Capital’s portfolio companies,” the firm said.
According to PayPal’s blockchain lead Jose Fernandez da Ponte, the global payments company is “committed to fostering an ecosystem of companies making digital currencies more accessible, useful and secure,” adding that investing in Blockchain Capital’s new fund allows PayPal “to engage with the entrepreneurs driving the future of the decentralized economy and the new wave of financial services.”
Vasant Prabhu, Chief Financial Officer at Visa, stated that their company is focused on improving “all forms of money movement, whether on the Visa network, or beyond.”
Blockchain Capital was founded in 2013, and has financed more than 110 companies, protocols, and projects since then, they said. The portfolio includes companies such as major crypto exchanges Coinbase and Kraken, as well as major DeFi projects, such as Aave (AAVE).
Blockchain Capital’s further investments will be focused on blockchain infrastructure, emerging applications on blockchain, decentralized finance (DeFi), and non-fungible tokens (NFTs).
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Source: Cryptonews
