Blockchain Capital Raises $580 Million for New Funds
Blockchain Capital, a crypto-focused venture capital firm, has announced the launch of two new funds. The company has raised $580 million for its sixth venture fund and first opportunity fund.
Investors Include Global Payments Giant
- Global payments giant, which also joined the crypto VC’s fifth fund was among the investors.
Funds Allocated for Venture Fund and Opportunity Fund
The funds are allocated roughly two-thirds for the sixth venture fund and one-third for the opportunity fund.
Continued Investment in Crypto Space
Blockchain Capital raised $300 million for its fifth venture fund in 2021, with global payment giants PayPal and Visa participating. The company has been one of the most active investors during the crypto winter.
Long-Term View on Crypto Industry
Unlike many VCs that have cooled their activity in the crypto space, Blockchain Capital has continued to invest. The company maintains its long-term view on the industry and highlights the perils of taking a short-term approach.
Company’s Vision for the New Funds
Spencer Bogart, General Partner at Blockchain Capital, stated that the new funds will continue the company’s focus on investing in innovative technologies. The goal is to stay aligned with LPs and think about prior fund sizes while still growing.
Short-Term Thinking Hazards
Blockchain Capital believes that the bear market has exposed the hazards of short-term thinking in the crypto industry. The last two years have shown the perils of misjudging the nascent technology.
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