Blockchain Capital announces $300m investment fund backed by PayPal and Visa
Venture capital firm Blockchain Capital has announced a new $300 million fund to support the development of blockchain technology and the crypto ecosystem.
The fund, known as Fund V, was backed by payment giants PayPal and Visa as well as strategic investors, pension funds and major university endowments.
Since its launch in 2013, Blockchain Capital says it has invested in more than 110 companies, protocols and crypto assets. Its portfolio includes Coinbase, Kraken, Anchorage and OpenSea.
Investments from Fund V will be focused on blockchain infrastructure, DeFi, NFTs and emerging applications of blockchain technology.
“We are incredibly honoured to welcome a world class group of investors into Fund V who appreciate the value of a firm dedicated to a single industry,” says P. Bart Stephens, co-founder and managing partner of Blockchain Capital.
As well as the investment, PayPal and Visa will also participate in Blockchain Capital’s strategic partnership program to provide industry assistance and research capabilities to new and existing portfolio companies.
“PayPal is committed to fostering an ecosystem of companies making digital currencies more accessible, useful and secure,” says Jose Fernandez da Ponte, vice president, general manager blockchain, crypto and digital currencies, PayPal.
“Investing in Blockchain Capital’s new fund allows us to engage with the entrepreneurs driving the future of the decentralised economy and the new wave of financial services.”
Vasant Prabhu, chief financial officer at Visa, adds: “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.”