Blockchain Capital, a major cryptocurrency venture capital firm, has launched a new $300 million fund. Bart Stephens, co-founder of Blockchain Capital, announced this in a press release on June 22:
The $300 million fund, called Blockchain Capital Fund V, will primarily fund small startups in the decentralized finance (DeFi) and non-fungible token (NFT) markets.
Blockchain Capital was founded in 2013 and bills itself as the first venture capitalist company in the world to focus exclusively on blockchain technology and the crypto market. The company manages no less than $1.5 billion in assets and has financed well-known names in the crypto world such as Coinbase, Opensea, Kraken, Anchorage, Aave, Nexus Mutual and UMA.
The new fund’s investors also include payment giants PayPal and Visa. Both companies have embraced the crypto market in recent months, with PayPal itself selling crypto like bitcoin (BTC) and ethereum (ETH) since late last year.
“We are incredibly honored to welcome a group of world-class investors to Fund V who appreciate a company that focuses entirely on a single industry. As founders ourselves, we know how hard it is to build companies, protocols and, indeed, a whole new industry.”
According to Stephens of Blockchain Capital. Jose Fernandez da Ponte, vice president and director of PayPal’s crypto division, said:
“PayPal is committed to fostering an ecosystem of businesses that make digital currencies more accessible, useful and secure. By investing in Blockchain Capital’s new fund, we can partner with the entrepreneurs who are driving the future of the decentralized economy and the new wave of financial services.”
Fernandez da Ponte recently announced that PayPal wants to make it possible for customers who bought crypto from PayPal to send it to their own wallet. That this is not possible receives a lot of criticism from the crypto world under the motto: “not your keys, not your coins.”