Visa and PayPal start $300 million funding for blockchain capital after the new strategic partnership made as we are reading more in our latest cryptocurrency news today.
Visa and PayPal will participate in the Blockchain capital fundraising and according to the press release, Blockchain Capital closed funding for its Fund V LP. The capital raise drew participation from high-profile backers like these global payment giants. Capped at $300 million Blockchain Capital’s fund was oversubscribed and pointed to the continued appetite for the DLT-related funding despite the market downturn. Apart from Visa and PayPal, the university endowments, family officers and hedge funds as well that participated in the capital raise. Bart Stephes who is the co-founder and managing at Blockchain Capital commented on the closure of the fund stating:
“We are incredibly honored to welcome a world class group of investors into Fund V who appreciate the value of a firm dedicated to a single industry. As founders ourselves, we know how hard it is to build companies, protocols and, indeed, a whole new industry.”
The spokesperson for both companies stated that their support for Blockchain Capital was a part of the efforts to boost innovation in the digital finance and according to Jose Fernandez da Ponte who is the vice president and general manager of blockchain and digital currencies at PayPal:
“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.”
Blockchain Capital is a serial investors in the crypto and DLT space as the company’s portfolio of projects cuts across different facets of the emergign industry like the US-based exchange giants liek Kraken and Coinbase. Blockchain Capital’s investment portfolio extends to the decentralized finance market arena backing projects like UMA, Nexus Mutual and Aave. Since managing to secure the $2 million in funding from Blockchain Capital and other investors back in May in 2018 while OpenSea was able to attract additional investments like the $23 million injection as per the reports.
As recently reported, Coinbase and PayPal partner to enable easier crypto purchases which means that all of the exchange’s users can buy crypto with their PayPal accounts. The move was announced recently and represents a major signal of the increasing mainstream momentum and acceptance on the market.
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