Fintech companies PayPal and Visa have recently joined cryptocurrency venture capital firm Blockchain Capital’s newest $300 Million fund as they continue their involvement in the cryptocurrency industry.
In a statement earlier today, Blockchain Capital shared that their latest fund was “heavily oversubscribed” and is currently backed by “strategic investors, pension funds, major university endowments and family offices from around the world.”
“PayPal is committed to fostering an ecosystem of companies making digital currencies more accessible, useful and secure,” said Jose Fernandez da Ponte, vice president, general manager blockchain, crypto and digital currencies, 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.”
The partnership between Blockchain Capital and PayPal and Visa will enable Blockchain Capital to leverage PayPal’s and Visa’s extensive network, research capabilities and industry contacts in order to bring more cryptocurrency adoption.
Blockchain Capital is one of largest cryptocurrency venture capital firm in the world, managing over $1.5 billion in assets.
Some of its notable investments include 1Inch Exchange, Aave, Bitgo, Circle, Coinbase, Filecoin, Kraken, LedgerX, Ripple, Sushi, Uniswap, Yearn Finance and more.
Why is this news important? The involvement of PayPal and Visa means that they are additional catalyst to help more customers and users around the world discover and adopt cryptocurrency.