San Francisco-based venture capital firm Blockchain Capital has completed its fifth fundraising
Blockchain Capital has secured $ 300 million from Fund V, led by money transfer and payment service provider PayPal and global payment technology company Visa. The round announced in a press release published yesterday was oversubscribed with a hard cap of $ 300 million. The company’s fund, V LP, attracted a lot of investment, according to the announcement.
Several parties participated in the capital increase, including family offices, pension funds and university foundations. Blockchain Capital is a pioneer and one of the leading cryptocurrency-focused venture firms. Formerly known as Crypto Currency Partners, the venture capital firm has explored various aspects of the virtual asset space. It has invested in numerous platforms and companies including Ripple, Coinbase, Kraken, Nexus Mutual, and OpenSea.
The press release detailed that the two main investors PayPal and Visa would play a crucial role in the company’s strategic partnership program. The company’s managing partner, Bart Stephens, was positive about the development, saying: “We are incredibly honored to welcome a world-class group of investors to Fund V who appreciate the value of a company dedicated to a single industry dedicates. “
Jose Fernandez da Ponte, PayPal’s vice president and head of Blockchain and Crypto, said the collaboration would help the company interact with cutting edge minds in the industry.
“PayPal is committed to promoting a business ecosystem that makes digital currencies more accessible, useful, and secure. Investing in Blockchain Capital’s new fund enables us to partner with the entrepreneurs who are driving the future of the decentralized economy and the new wave of financial services. “
Visa, like PayPal, has actively invested in potential blockchain projects. The company recently confirmed that it will partner with the digital asset platform and custody service provider Anchorage.
Regarding fundraising, the company’s Revenue Officer commented, “We are focused on improving all forms of money management, be it on the Visa network or beyond. Through our relationship with Blockchain Capital, we are deepening our efforts to shape and support the role of digital currencies in the future. “
Blockchain Capital intends to use the capital to expand its reach and help companies and start-up founders grow.