On June 22, Visa and PayPal led a $300 million fundraising in Blockchain Capital, a crypto venture capital (VC) firm. Additionally, a few other investors and the 2 payments giants will participate in the firm’s strategic partnership program.
The organization’s 5th funding round, called ‘Fund V’, was oversubscribed at its $300 million hard limits.
According to reports, the funds will be used to partner industry professionals to aid grow protocols and business. Further, it will also be used to make focused investments in DeFi, blockchain infra, non-fungible tokens (NFTs) and flourishing blockchain tech. However, Blockchain Capital didn’t respond to the questions.
VP and GM of blockchain, crypto and digital currencies at PayPal, Jose Fernandez said that the company is ‘committed to promote an ecosystem’ for digital currencies and to make them ‘more secure, accessible and useful’.
Continuing further he told that the investment allows them to engage with the entrepreneurs managing the future of the new wave of financial services and decentralized economy.
Above all, PayPal’s investment comes after CEO Dan Schulman in February made a statement that the firm will ‘launch international crypto offerings’ and will ‘significantly invest’ in its new blockchain, crypto and digital currencies unit.
The report stated that Visa on other hand has steadily invested in digital assets – joining hands with Crypto.com and Anchorage over the previous months and years.
CFO at Visa, Vasant Prabhu told that they are ‘concentrating on improving all forms of money movement, be it on the Visa network or beyond’. He added that this investment will ‘strengthen’ efforts to ‘support and shape the role that digital currencies play in the future’.
Blockchain Capital is a multi-stage investor in assets, firms and protocols across the crypto ecosystem. It has invested in 110 companies including Coinbase, Anchorage, Kraken and OpenSea since 2013.