Blockchain Capital, a venture capital firm headquartered in San Francisco, has just disclosed the successful raising of $580 million for the establishment of two fresh cryptocurrency investment funds.
San Francisco-based venture capital firm Blockchain Capital has just announced that it successfully secured $580 million for the launch of two brand-new cryptocurrency investment funds.
The company, established in 2013, has unveiled its sixth early-stage venture fund along with its inaugural opportunity fund, featuring contributions from notable investors, including Visa. Both Visa and PayPal were also key participants in Blockchain Capital’s fifth fund, which concluded in 2021.
The past year has witnessed a significant decline in venture investments in cryptocurrency startups, with just $500 million allocated to the market in August, marking the lowest figure in over two years.
During the second quarter of this year, total venture capital funding for Web3 projects reached $1.8 billion, representing a substantial 76% decrease compared to the approximately $7.5 billion raised in Q2 of 2022.
Despite the challenges posed by recent volatility, Blockchain Capital remains steadfast in its commitment to the crypto space. The firm emphasizes that the ups and downs of the past two years have illuminated the dangers of short-term thinking, exposing those who underestimated this emerging technology.
In their official statement, they elaborate: “In the last 20 months, we have allocated more capital to support the next generation of innovators than ever before. The rationale is straightforward: the current market presents unparalleled opportunities, driven by a wave of exceptionally skilled founders working on a wide spectrum of groundbreaking technologies.”
Throughout this period, our investments have been strategic, spanning across Infrastructure, Gaming, DeFi, and Consumer + Social sectors. However, our overarching strategy goes beyond specific sectors; it revolves around leveraging blockchain technology to realign incentives, rebuild user trust, and redefine the social contract in our increasingly digital world.
Our ultimate goal is to empower individuals by giving them control over their digital and financial lives through innovative blockchain-powered applications and services. It’s this vision of an inclusive and decentralized future that fuels our enthusiasm and guides our investment choices.
They conclude by saying, “To the visionary leaders who are reshaping the landscape of distributed technology, we share your passion and extend an invitation to connect.”
