PayPal, the US-based payments giant, and Visa, a leading global financial services provider, have participated in the latest $300 million Fund V by Blockchain Capital.
According to an official announcement, several strategic investors, family offices, pension funds, and university endowment funds joined the Blockchain Capital V Fund. Founded in 2013, Blockchain Capital is a California-based venture capital firm that focuses on emerging startups in the global blockchain ecosystem.
Blockchain Capital’s portfolio includes several prominent crypto platforms like Coinbase, Kraken, and Anchorage. The venture capital firm also invested in several DeFi companies including Aave, Nexus Mutual, and UMA.
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Commenting on the latest announcement, Bart Stephens, co-founder and managing partner of Blockchain Capital, said: “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 participation of PayPal shows that the payments giant is planning to increase its presence in the crypto ecosystem. In an interview with TIME Magazine, Dan Schulman, President and CEO of PayPal, said that the demand for cryptocurrency assets has increased significantly since the start of 2021.
On the other hand, Visa CEO Al Kelly revealed the company’s crypto plans in March 2021 and mentioned that the financial services provider is planning to enable the purchase of Bitcoin with Visa credentials.
Blockchain Capital highlighted that the company is planning to support innovative companies working on DeFi, NFTs, and emerging applications of blockchain technology. “PayPal is committed to fostering an ecosystem of companies making digital currencies more accessible, useful, and secure. 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,” Jose Fernandez da Ponte, vice president, general manager blockchain, crypto, and digital currencies at PayPal, said in the announcement.