Blockchain Capital Secures $150 Million USD (~$190m CAD) to Foster Blockchain Innovation
Blockchain Capital is a venture capital firm dedicated solely to investing in blockchain technology and projects which aim to further the digital currency economy. Now, the company announced that it raised $150 million USD (over $190 million CAD) in its largest funding wave to-date.
According to a press release made available today, Blockchain Capital partnered with 72 blockchain-related projects since 2013, including Ethereum, Ripple, Circle, and many others.
Blockchain Capital boasts new funding and a new partner
Purportedly, this funding brings the firm’s assets under management to $250 million USD (around $323 million CAD). The firm stated that it aims to use its wealth to foster innovation in the blockchain industry.
“As pioneers in the blockchain sector, we have been on the front lines and in the trenches with our portfolio companies building a new crypto ecosystem,” said Blockchain Capital co-founder Bart Stephens. “It’s still early days and our mission is to help our new and existing portfolio companies succeed and advance this industry as a whole.”
With the announcement, Blockchain Capital’s new partner, Spencer Bogart, stated that the funding will allow the firm to further its participation in the blockchain ecosystem.
“I am proud to be a part of the investment team at Blockchain Capital, and this $150 million fund will allow us to match the right amount of capital to excellent deal flow,” he said. “I am looking forward to working closely with Bart and Brad and the rest of the Blockchain Capital team as we continue to back cutting-edge blockchain companies and visionary projects.”
Venture capital firms and investors continue to play a role in fostering innovation of projects in the digital currency industry. Recently, Union Square Ventures (USV) became one of the largest backers of CryptoKitties, a blockchain platform that allows users to trade and breed rare digital kittens. In the backing, which the founder of Coinbase also joined, USV founder Fred Wilson praised the underlying technology and the potential of “digital collectibles.”
Similarly, Lightning Lab, the company behind Lightning Network Dameon, recently secured funding from a variety of backers. The startup raised $2.5 million USD (over $3.2 million CAD) in funding from major players in the tech world, including Twitter CEO Jack Dorsey and Litecoin inventor Charlie Lee.
Ultimately, these recent funding waves seem to indicate furthered growth in the blockchain space, which is quickly emerging as one of the tech world’s significant new industries.
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