Technology

Venture capital firm Blockchain Capital raises $300 mln from PayPal, Visa

2 minute read

REUTERS/Gary Cameron

June 22 (Reuters) - Blockchain Capital, a cryptocurrency- and blockchain-focused venture capital firm, raised $300 million in funding for its Fund V from investors including PayPal Holdings Inc (PYPL.O) and Visa Inc (V.N), the company said on Tuesday.

Founded in 2013, Blockchain Capital has so far invested in more than 110 companies, including cryptocurrency exchanges Coinbase Global Inc (COIN.O) and Kraken as well as crypto platform Anchorage and non-fungible token (NFT) marketplace OpenSea.

Bitcoin and several other cryptocurrencies that were on the path to the mainstream crashed last month, hit by news of renewed regulatory scrutiny in China and Tesla boss Elon Musk halting the use of bitcoin for car purchases.

Bitcoin deepened its losses to fall below $30,000 on Tuesday for the first time since January.

Blockchain Capital said some investors in Fund V, including PayPal and Visa, will also be participating in a strategic partnership program.

Blockchain Capital, which invests in both crypto and equity assets, said the investments will be focused on blockchain infrastructure and application of blockchain technology, NFTs and decentralised finance (DeFi).

Reporting by Sohini Podder in Bengaluru; Editing by Devika Syamnath

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