Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,165 trillion. Bitcoin is up by over 2% after a rollercoaster of a week. Ethereum decreased by almost 1% over the past seven days. XRP gained more than 15% in value this week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector decreased the total value of protocols…
Paypal and Visa Join Blockchain Capital’s Funding Venture to Raise $300 Million
Blockchain Capital, the pioneer of distributed ledger technology, managed to raise $300 million during its fifth fund venture, which ended on 21st June 2021. Blockchain Capital’s venture fund includes two major companies- PayPal and Visa, who pose as limited partners looking forward to working with the blockchain entity.
PayPal’s General Manager of blockchains and crypto mentions that the company aims at making cryptocurrencies more accessible and secure to its customers. Therefore, onboarding the new fund by Blockchain Capital will allow the payment giant to interact with an advanced financial model and entrepreneurs spearheading the decentralized ecosystem. Visa also seeks to achieve a similar goal stating that it endorses the significance of digital currencies for the future.
Payment Companies Storm the Crypto Space
Aside from the two payment companies, Fund V had other investment support sources coming from pension funds, university endowments, and strategic investors. P. Bart Stephens, the co-founder of Blockchain Capital, expressed his gratitude to the major investors and appreciated them for focusing on a firm committed to a specific industry.
Furthermore, PayPal, Visa, and other Fund V investors will participate in the blockchain firm’s strategic partnership program, which plans to support more startups in the ecosystem.
The $300 million fund event supported by prominent global companies could positively affect the crypto space amid the ongoing crackdown on cryptocurrencies in China, adversely affecting the overall crypto market.
In October 2020, PayPal allowed its U.S customers with active accounts to sell, purchase, or hold digital currencies. The announcement also integrated the largest cryptocurrencies today, such as Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
What’s more, along with other investors, PayPal Ventures supported TRM Lab’s Series A funding round, which concluded on 17th June 2021 with a hard cap of $14 million.
Visa is also not new to the crypto space as it conducted a pilot program with Crypto.com to offer transaction settlements with USDC through Ethereum’s blockchain. On the other hand, Visa partnered and invested in Anchorage, a certified digital asset bank, to provide custodial services to its global user base.
Diving into Blockchain Capital
Blockchain Capital boasts of being one of the oldest venture investors providing industries and projects with blockchain solutions. Since its inception in 2013, Blockchain Capital has successfully worked with 110 companies, including well-known platforms such as Aave, Kraken, Coinbase, OpenSea, Nexus, and many more.
The blockchain firm believes that the distributed ledger technology holds a transformational power capable of creating newer and more efficient business models. By partnering up with key industry players, Blockchain Capital adds value to platforms by offering investments evolving around blockchain infrastructure and other upcoming applications on the technology.