Blockchain Capital, a venture capital firm, has announced its new $300 million fund to support the creating of blockchain technology and the cryptocurrency ecosystem. The fund, dubbed Fund V, was backed by the payment giants Visa and PayPal and strategic investors, major university endowments, and pension funds.
Since it was launched in 2013, Blockchain capital says that it has invested in over 110 companies, crypto assets, and protocols. Its portfolio includes Kraken, OpenSea, Coinbase, and Anchorage.
The company said that the investments acquired from Fund V will be focused on the blockchain network, NFTs, DeFi, and the emerging applications of blockchain technology. Co-founder and managing partner of Blockchain Capital, P. Bart Stephens, said:
“We are incredibly honored to welcome a world-class group of investors into Fund V who appreciate the value of a firm dedicated to a single industry.”
PayPal, Visa, and the investment will participate in Blockchain Capital’s strategic partnership program to offer industry assistance and research capabilities to new and existing portfolio firms. The vice president, general manager of blockchain, crypto, and digital currencies, PayPal, Jose Fernandez da Ponte, said:
“PayPal is committed to fostering an ecosystem of companies making digital currencies more accessible, useful, and secure. Investing in Blockchain Capital’s new fund allows us to engage with the entrepreneurs driving the future of the decentralized economy and the new wave of financial services.”
The chief financial officer at Visa, Vasant Prabhu, added:
“We’re focused on enhancing all forms of money movement, whether on the Visa network or beyond. Through our relationship with Blockchain Capital, we are deepening our efforts to shape and support the role that digital currencies play in the future.”