Blockchain Capital Raises $580 Million for Investments in Blockchain Technology and Innovation
Summary:
Blockchain Capital has closed two new funds, raising $580 million for investments in infrastructure, gaming, DeFi, and consumer/social technologies. These funds aim to empower individuals by granting them control over their digital and financial lives through innovative blockchain-enabled applications and services. The funds will be split between an early stage fund and an opportunity fund, with investments prioritizing infrastructure, DeFi, gaming, and other finance, blockchain, and cryptocurrency opportunities. This represents one of the largest cryptocurrency and blockchain funding rounds to date for Blockchain Capital.
Blockchain Capital has announced the successful closure of two new funds, bringing in a total of $580 million. These funds will be used to invest in various sectors including infrastructure, gaming, DeFi, and consumer/social technologies. This marks the sixth early stage fund for Blockchain Capital and its first "opportunity fund" aimed at companies that have already received significant external funding. The ultimate goal is to empower individuals by giving them control over their digital and financial lives through innovative blockchain-enabled applications and services. The funds will be divided, with $380 million allocated to the early stage fund and the remaining amount set aside for the opportunity fund. Although specific project priorities have not been revealed, Blockchain Capital will continue to invest in infrastructure, DeFi, gaming, as well as other finance, blockchain, and cryptocurrency opportunities. The company's strategy revolves around leveraging blockchain technology to align incentives, rebuild user trust, and reshape the digital world. Blockchain Capital emphasizes that its focus is not limited to specific sectors but rather on harnessing blockchain's potential for the greater benefit of society. The press release acknowledges the volatility of the crypto market in recent months, highlighting the importance of a long-term perspective. The firm has invested more capital into the next generation of innovators over the past 20 months than ever before. These latest funds represent a significant milestone in cryptocurrency and blockchain history, as it is the largest amount raised by Blockchain Capital to date. However, it should not be interpreted as a sign that the firm plans to consistently increase its fund sizes. Spencer Bogart, one of the partners at Blockchain Capital, confirmed that there are no plans to become an AI or hedge fund focused on token trading and expects future funds to remain within a similar range.
Published At
9/18/2023 7:58:55 PM
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