Friday, July 30, 2021

Visa, PayPal invest in Blockchain Capital’s new fund.

The Takeaway:

Payment giants Visa and Paypal have invested in Blockchain Capital's new fund. The venture capital firm focuses exclusively on the crypto ecosystem and blockchain tech.

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Blockchain Capital announced this week that it had raised $300 million for its 5th venture capital fund. Payment giants Paypal and Visa were among the top investors. Others include pension funds, major university endowments, and family offices from across countries, the company said, adding that select investors, including Paypal and Visa, will participate in its strategic partnership program. 

 

“The first venture capital to focus exclusively on blockchain and the crypto ecosystem.” 

Blockchain Capital described itself as “the first venture capital firm founded to focus exclusively on blockchain technology and the crypto ecosystem.” The firm has invested in more than 110 companies, protocols, and cryptocurrencies, and assets across the ecosystem since its inception in 2013. Its portfolio includes major crypto companies such as Coinbase, Kraken, Anchorage, and Opensea. In addition, it includes Defi players – Aave, Nexus Mutual, and UMA. The cryptocurrency market has gained a lot of mainstream exposure over the years as it continues to attract big names. 

 

PayPal’s investment allows it to engage with “the new wave of financial services.”

Jose Fernandez da Ponte, Paypal’s vice president, and general manager of blockchain, cryptocurrencies, commented, “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.” PayPal is not new to the crypto space, as the payment firm has been offering crypto services since late last year to its customers. As reported earlier, the payments giant said last month that it would allow withdrawals of cryptocurrencies to third-party wallets.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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