Blockchain Capital is still a significant tech supporter in the DLT sector, having invested in a number of crypto and DLT companies.
According to a press statement issued on Monday (June 22, 2021), Blockchain Capital has completed fundraising for its Fund V LP. Several high-profile supporters, including global payment giants Visa and PayPal, are said to have contributed to the fund round.
Major Updates
- PayPal and Visa are among several major investors in Blockchain capital’s funding
- Blockchain Capital is a leading venture firm in the blockchain industry
- Paypal says supporting BC is part of its move towards encouraging a decentralized system
With a cap of $300 million, Blockchain Capital's newest fund was oversubscribed, indicating a continuing demand for DLT-related financing despite the current crypto market slump. Aside from Visa and PayPal, university endowments, hedge firms, family offices, and pension funds also contributed to the capital raising.
Bart Stephens, co-founder and managing partner of Blockchain Capital, remarked on the fifth VC fund's termination, stating:
“We are extremely pleased to welcome a world-class set of investors into Fund V who see the importance of a company devoted to a particular sector. As founders ourselves, we understand how difficult it is to create businesses, standards, and, indeed, a whole industry.”
Visa and PayPal spokespeople both said that their support for Blockchain Capital is part of their efforts to promote innovation in digital banking. According to Jose Fernandez da Ponte, PayPal's vice president and general manager of blockchain, crypto, and digital currencies:
“Investing in Blockchain Capital's new fund enables us to connect with the entrepreneurs shaping the future of the decentralized economy and the next wave of financial services.”
Blockchain Capital is a crypto and distributed ledger technology (DLT) serial investor. The company's project portfolio spans many aspects of the growing business, including exchange titans headquartered in the United States such as Coinbase and Kraken.
Blockchain Capital's investment portfolio also includes initiatives like Aave, UMA, and Nexus Mutual in the decentralized financial sector.
Since receiving approximately $2 million in financing from Blockchain Capital and other investors in May 2018, OpenSea has been able to attract more investments, including a $23 million infusion announced by CryptoPotato in March.
Conclusion
According to PayPal vice president Jose Fernandez da Ponte, the company's backing of Blockchain Capital is part of its attempts to connect with entrepreneurs at the forefront of the developing decentralized economy.
Question of the day
How do you think this collaboration between Blockchain Capital top investors will benefit the future of DLTs
