Blockchain Capital’s latest fund has received investments from Visa Inc. and Paypal. The crypto ecosystem and blockchain technology are the only focus of the venture capital firm.
For its new fund, Blockchain Capital has raised $300 million. On Tuesday, Blockchain Capital announced the closing of its fifth venture capital fund, which raised $300 million (Fund V).
Among the investors were Paypal and Visa. Pension funds, large university endowments, and family offices from around the world are among the others, according to the business, which also announced that chosen investors, including Paypal and Visa, will be part of its strategic partnership program.
“The first venture capital firm formed to focus completely on blockchain technology and the crypto ecosystem,” according to Blockchain Capital. Since its start in 2013, the firm has invested in over 110 companies, protocols, and crypto assets across the ecosystem. Coinbase, Kraken, Anchorage, and Opensea are among the biggest crypto firms in its holdings. It also includes Aave, Nexus Mutual, and UMA, all of whom are Defi players.
Paypal’s vice president and general manager of blockchain, crypto, and digital currencies, Jose Fernandez da Ponte, said:
Paypal is dedicated to building a network of businesses that will make digital currencies more accessible, useful, and safe. We may connect with the entrepreneurs shaping the future of the decentralized economy and the next wave of financial services by investing in Blockchain Capital’s new fund.
Since late last year, Paypal has offered a cryptocurrency service. The company’s crypto division had “very outstanding results” in the first quarter, according to CEO Dan Schulman, and demand for cryptocurrencies was “multiple-fold” the company’s early estimates. Last month, the payments giant announced that it will accept cryptocurrency withdrawals to third-party wallets.
Visa has also been working on a number of cryptocurrency-related projects. Al Kelly, the business’s CEO, listed five important areas in the crypto realm on which the company is focusing last month. “Our focus is on five key opportunities we see in this space,” he explained. And I would say that this is a space that we are leaning into in a very, very big way and I think are extremely well-positioned.”
Vasant Prabhu, Visa Inc.’s chief financial officer, commented on Visa’s investment in Blockchain Capital’s fund:
We’re working to improve all types of money movement, whether on the Visa network or elsewhere. We’re stepping up our efforts to develop and promote the role that digital currencies will play in the future thanks to our partnership with Blockchain Capital.