Blockchain Capital announced that it had raised $300 million in the latest funding round led by payment giants PayPal and Visa.
Blockchain Capital announced yesterday it raised $300 million from its Blockchain Capital V LP. In its press release, the company said the funding round was oversubscribed and was led by leading financial institutions PayPal and Visa.
“The fund was heavily oversubscribed at its $300 million hard cap with participation from strategic investors, pension funds, major university endowments and family offices from around the world,” the company wrote.
Blockchain Capital prides itself as the first venture capital firm founded to focus exclusively on blockchain technology and the crypto ecosystem. The company said it has an active investment portfolio that includes industry leaders like Coinbase, Kraken, OpenSea and Anchorage.
It has also invested in numerous decentralised financial projects such as Aave, Nexus Mutual and UMA. As part of its agreement, Blockchain Capital said Visa, PayPal and other Fund V investors would participate in the firm’s strategic partnership program.
P. Bart Stephens, the co-founder 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.”
Thanks to the funds raised, Blockchain Capital said it would be able to expand its services to take advantage of its industry-leading network, research capabilities and industry contacts. Thus, benefiting the payment companies and Blockchain Capital’s portfolio companies.
Jose Fernandez da Ponte, PayPal’s head of blockchain and crypto, said the payment company is excited to invest in entrepreneurs driving the future of the decentralised economy and the new wave of financial services.
Visa had the same message, stating its commitment to ensuring it supports and promotes companies working on the new decentralised economy. Blockchain Capital intends to use the funds to create immense value for enterprises, startup founders and investors.