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Visa and PayPal back $300m Blockchain Capital fund

Visa and PayPal back $300m Blockchain Capital fund

Visa and PayPal have invested in the latest, $300 million, fund from venture capital firm Blockchain Capital.

Blockchain Capital V will focus its investments on firm in blockchain infrastructure, DeFi, NFTs and emerging applications of blockchain technology.

Since its inception in 2013, Blockchain Capital has invested in 110 companies, protocols and crypto assets across the ecosystem, building up a portfolio that includes big names such as Coinbase, Kraken, Anchorage and OpenSea.

As well as investing in the fund, Visa and PayPal will participate in Blockchain Capital's strategic partnership programme. Both payment giants have taken major steps in recent months to embrace digital currencies.

Jose Fernandez da Ponte, VP, GM, blockchain, crypto and digital currencies, PayPal, says: "PayPal is committed to fostering an ecosystem of companies making digital currencies more accessible, useful and secure.

"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."

Vasant Prabhu, CFO, Visa, adds: "We're focused on enhancing all forms of money movement, whether on the Visa network, or beyond. Through our relationship with Blockchain Capital, we are deepening our efforts to shape and support the role that digital currencies play in the future."

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