The first venture capital firm dedicated exclusively to the blockchain and crypto ecosystem has announced raising $300 million for its Blockchain Capital V, LP from investors such as PayPal Holdings Inc and Visa Inc.
Payment giants PayPal and Visa led a $300 million fundraising in Blockchain Capital, a cryptocurrency venture capital company, according to an official announcement on June 22nd.
Besides investing in the fund, both PayPal and Visa including a few other investors will now participate in Blockchain Capital's strategic partnership program to help grow the company’s business.
Other participants in the funding round included strategic investors, pension funds, major university endowments, and family offices across the world.
The company’s fifth funding round, dubbed ‘Fund V’ will focus its investments in blockchain-based firms in insurance, DeFi, NFTs, and emerging applications of blockchain technology, per the report.
PayPal said it's the first time the company has invested as an LP in a fund focused on blockchain and cryptocurrencies. Remarking on investing in Blockchain Capital’s new fund, Jose Fernandez da Ponte, vice president, general manager blockchain, crypto, and digital currencies, PayPal, 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."
Founded in 2013, Blockchain Capital is a multi-stage investor in companies, assets, and protocols across the crypto ecosystem that has invested in 110 companies including crypto platform Anchorage, crypto exchanges Coinbase and Kraken, and non-fungible token (NFT) marketplace OpenSea.
Commenting on raising $300 million for its Fund V, P. Bart Stephens, co-founder and managing partner of Blockchain Capital, 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. As founders ourselves, we know how hard it is to build companies, protocols, and, indeed, a whole new industry,"