Blockchain Capital, a crypto-centric venture firm, has secured $580 million through two new funds, marking its most substantial fundraising effort in its decade-long existence.
With a current portfolio valued at $2 billion, the company plans to channel the newly acquired funds into supporting crypto startups.
These startups span various sectors, including decentralized finance, gaming, and infrastructure, as shared by general partner Kinjal Shah during a conversation with Bloomberg News.
The upcoming Benzinga’s Future of Digital Assets conference on Nov. 14 is expected to shed more light on such significant moves in the crypto space.
The two funds have distinct investment focuses.
Fund VI is aimed at nurturing new and budding companies, while the Opportunity Fund targets more mature, later-stage ventures.
Notably, Blockchain Capital’s investor roster boasts names like Visa Inc. V, PayPal Inc. PYPL, and the Teacher Retirement System of Texas, the latter having invested in Fund VI.
The specifics of the fundraising terms remain undisclosed by Shah.
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Historically, Blockchain Capital has placed bets on entities like Worldcoin WLD/USD, the crypto trading platform Kraken, and the NFT platform OpenSea.
Shah remains optimistic about the NFT sector despite its recent slump, highlighting the potential of tokens in digitizing financial products or property agreements.
While Shah chose not to delve into the allocation details of the $580 million between the two funds or the amount earmarked for crypto token acquisitions, she confirmed the firm’s ongoing interest in token investments.
This commitment stands firm even amid ongoing legal discussions categorizing cryptocurrencies.
Shah voiced concerns about the challenging regulatory landscape for crypto firms in the U.S., hinting at an increased inclination for these companies to consider relocating overseas.
The fallout from Silicon Valley Bank’s downfall in March has prompted U.S.-based startups to diversify their banking relationships.
In contrast, regions like Europe and certain Asian territories are emerging as the new epicenters for crypto advancements, Shah said.
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