Visa and Paypal Invest in New $300M Fund from Crypto-Focused Blockchain Capital

Visa Inc. and Paypal invested in Blockchain Capital's new fund. The venture capital firm focuses solely on the crypto ecosystem and blockchain technology. Blockchain Capital raises $300 million for its new fund Blockchain Capital announced on Tuesday that it has raised $300 million for its 5th venture capital fund (Fund V). Paypal and Visa were among the investors. Others include pension funds, major university endowments and family offices from around the world, the company added, adding that select investors, including Paypal and Visa, will join the strategic partnership program. Blockchain Capital has described itself as “the first venture capital firm created to focus exclusively on blockchain technology and the crypto ecosystem.” Since its inception in 2013, the company has invested in more than 110 companies, protocols and crypto assets in its ecosystem. The portfolio includes major crypto companies such as Coinbase, Kraken, Anchorage and Opensea. Also includes Defi players: Aave, Nexus Mutual and UMA. Jose Fernandez da Ponte, vice president and general manager of blockchain, crypto and digital currencies at Paypal, said: “Paypal is committed to fostering a business ecosystem that makes digital currencies more accessible, convenient and secure. Investing in Blockchain Capital's new fund allows us to partner with entrepreneurs who are shaping the future of the decentralized economy and the future of the new wave of financial services. Paypal has been offering a crypto service since the end of last year. CEO Dan Schulman said the company's crypto business showed "really great results" in the first quarter and that demand for cryptocurrencies was "multiple" from the company's initial expectations. The payments giant said last month that it will allow cryptocurrencies to be withdrawn to third-party wallets. Visa has also worked on some crypto projects. Last month, CEO Al Kelly outlined five key areas in the crypto space that the company is working on.

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