Blockchain Capital raises $300 million in fundraising as PayPal, Visa back the project

Blockchain Capital has successfully completed and closed its funding round, raising $300 million with notable backing from digital payments giant PayPal and Visa.

The recently concluded fundraising was described as “oversubscribed” and has seen participation from a number of strategic investors and pension funds as well as major university endowments and family offices from around the world.

Founded in 2013, Blockchain Capital is the first venture capital company that puts its focus exclusively on blockchain technology and the crypto ecosystem. It already invested in 110 companies, protocols, and crypto assets which include market leaders like Coinbase, Kraken, and Anchorage.

PayPal ventures into crypto space

Back in 2020, PayPal announced its plans to launch a product that will enable its clients to buy and sell as well as hold crypto. The company also said back then that it has plans to increase crypto utility among its users, making the asset class a major funding source.

By the end of March 2021, the digital payments service provider rolled out its “Check with Crypto” feature for its users in the U.S. which allowed users to pay at over 26 million merchants using their cryptocurrencies such as bitcoin, ethereum, litecoin, and bitcoin cash.

PayPal made this a possibility by leveraging a decentralized network and distributed ledger technology which is commonly known as the blockchain.

Visa on blockchain

Meanwhile, Visa, another major contributor in Blockchain Capital’s fundraising, started its exposure to the technology back in 2015 when it was trying to gain more popularity.

The journey kicked off when it invested in Chain during its equity fundraising round in September 2015. In October 2016, the company announced they are in the process of previewing Visa B2B Connect in collaboration with Chain.

The VISA B2B Connect was built on Chain Core and aimed to offer financial institutions secure, cost-effective, and fast ways to make payments.

 

Image courtesy of Cointelegraph News/YouTube

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