Visa, PayPal invest in Blockchain Capital’s new $ 300 million fund – News Bitcoin News

Visa Inc. and PayPal have invested in Blockchain Capital’s new fund. The venture capital firm focuses exclusively on the crypto ecosystem and blockchain technology.

Blockchain Capital raises $ 300 million for its new fund

Blockchain Capital announced Tuesday that it had raised $ 300 million for its fifth venture capital fund (Fund V).

Paypal and Visa were among the investors. Others include pension funds, major university foundations and family offices from around the world, the company said, adding that select investors, including PayPal and Visa, will be participating in its strategic partnership program.

Blockchain Capital described itself as “the first venture capital firm founded to focus solely on blockchain technology and the crypto ecosystem”. The company has invested in more than 110 companies, protocols and crypto assets across the ecosystem since it was founded in 2013. His portfolio includes large crypto companies such as Coinbase, Kraken, Anchorage and Opensea. In addition, it includes Defi players: Aave, Nexus Mutual and UMA.

Jose Fernandez da Ponte, Vice President of Paypal and General Manager for Blockchain, Crypto and Digital Currencies, commented:

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.

PayPal has been offering a crypto service since the end of last year. CEO Dan Schulman said in the first quarter that the company’s crypto business had shown “really great results” and that the demand for cryptocurrencies was “a multiple” of the company’s original expectations. The payment giant said last month that it will allow withdrawals of cryptocurrencies in third-party wallets.

Visa has also worked on some crypto projects. Last month, CEO Al Kelly outlined five key areas in the crypto space the company is working on. He said, “Our focus is on five different possibilities that we see in this area. And I would say that this is a room that we lean into very, very strongly, and I think we are very well positioned. “

Regarding Visa’s investment in Blockchain Capital’s fund, Vasant Prabhu, Visa Inc’s chief financial officer, said:

We are focused on improving all forms of money transfer, 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.

What do you think of Visa and PayPal investing in Blockchain Capital’s fund? Let us know in the comment section below.

Photo credits: Shutterstock, Pixabay, Wiki Commons

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