In a press release issued Tuesday, Blockchain Capital announced that the Blockchain Capital V LP closing was oversubscribed with a cap of $300 million and numerous investors, including college endowments, family offices and pension funds, participated in the capital raise. Two of the notable investors who participated in the raise were PayPal and Visa, both of which have been actively investing in the cryptocurrency space.
Blockchain Capital is considered as one of the oldest funds in its sector
Although the sector Blockchain Capital is operating in is very young, it is considered one of the oldest funds in the field and currently backs crypto exchanges such as Coinbase and Kraken, as well as decentralized finance protocols such as Aave., Uniswap and Sushi.
The firm also has footprints in the non-fungible token space, with NFT marketplace OpenSea and universal internet identity platform y.at as part of its portfolio.
Visa and PayPal both commented on the investment
Visa’s chief financial officer, Vasant Prabhu commented on the investment in Blockchain capital its fund, saying, “We’re focused on enhancing all forms of money movement, whether on the Visa network, or beyond.” The relationship with Blockchain Capital bolsters Visa’s efforts to “shape and support the role that digital currencies play in the future,” he added.
Meanwhile, Jose Fernandez da Ponte, vice president, general manager of blockchain, crypto and digital currencies at PayPal, explained why they invested in the fund, by stating “PayPal is committed to fostering an ecosystem of companies making digital currencies more accessible, useful and secure.”