Blockchain Capital secures $300M in a PayPal and Visa-led funding round

Blockchain Capital secures $300M in a PayPal and Visa-led funding round
фото показано с : invezz.com

2021-6-24 16:06

Blockchain Capital, the first and one of the largest Crypto VCs has closed its fifth funding round after raising $300 million (£214.84 million). The company unveiled this news through a press release on June 22, noting that the funding round was dubbed Blockchain Capital V, LP, and it featured multiple high-profile investors. Reportedly, online payments giant PayPal and leading financial firm Visa were at the top of this massive investment.

According to the press release, this investment will see Visa and PayPal, among other select investors, join Blockchain Capital as limited partners. Allegedly, this is the first LP agreement between PayPal and a crypto VC. At this position, the chosen limited partners will have an outside manager make broader equity investments on their behalf. Blockchain Capital aims to leverage its industry-leading network, research power, and industry contacts to offer its limited partners multiple benefits through this move. 

While Blockchain Capital declined to disclose the names of other limited partners, the firm revealed that Blockchain Capital V, LP attracted investment from strategic investors, pension funds, leading university endowments, and family offices spread across the globe. 

Fostering the growth of crypto and blockchain industries

Blockchain Capital seeks to bolster its near-decade mission of joining hands with leading founders in the crypto and blockchain founders and help them grow their businesses and protocols with the raised funds. The firm intends to invest the money in blockchain infrastructure, DeFi, NFTs, and budding applications of blockchain technology.

Explaining why PayPal decided to participate in this funding round, the company’s Vice President and General Manager of blockchain, crypto, and digital currencies, Jose Fernandez da Ponte, 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.

Visa’s CFO, Vasant Prabhu, echoed PayPal’s bullish attitude on the crypto space, saying the leading financial services company is focused on all forms of money movement, regardless of whether it is on its network or beyond. He added that through this partnership with Blockchain Capital, Visa would get a chance to strengthen its efforts in shaping and supporting the role digital currencies will play in the future.

In the press release, Blockchain Capital’s co-founder and Managing Partner, Brad Stephens, disclosed that the company had promoted 26-year-old Aleks Larsen to partner.

The post Blockchain Capital secures $300M in a PayPal and Visa-led funding round appeared first on Invezz.

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