The crypto market is tumbling due to massive FUD, but crypto adoption continues as strong as ever.
It’s been just revealed that Visa and PayPal joined crypto VC Blockchain Capital’s new $300 million fund.
Coindesk notes that PayPal and Visa are doing deeper into the crypto industry as partners in Blockchain Capital’s fifth venture fund, a $300 million war chest announced Tuesday.
“The increasingly crypto-savvy companies are relative newcomers to crypto VC. While both have invested directly in a handful of crypto startups, joining as limited partners (LPs) means an outside manager will place broader equity investments on their behalf. PayPal confirmed to CoinDesk this is its first such arrangement with a crypto VC firm,” according to the online publication.
CoinDesk also notes that Blockchain Capital is one of older and larger crypto-native venture capital firms with over $1.5 billion under management, according to General Partner Spencer Bogart.
He said the firm’s fifth fund also received backing from pension funds and university endowments but declined to name additional LPs.
It’s been also reported that Bogart said that the LP route is offering these companies indirect equity upside while also getting an early read on startups for some partnership goals.
PayPal also sees it that way. “Investing in Blockchain Capital’s new fund allows us to engage with and learn from entrepreneurs driving the future of digital currencies and blockchain,” PayPal crypto lead Jose Fernandez da Ponte stated recently.
Raoul Pal praises Bitcoin
Raoul Pal is making an important point on Twitter, addressing the importance of Bitcoin adoption and the fact that people should not worry so much about volatility.
Check out his recent tweet below.
While we are all enjoying the volatility (actually I’m pretty impressed how people are taking it as par for the course and aren’t overly freaked out!), here is what we are actually investing in – the fastest rate of adoption of any technology in all history. Volatility is noise. pic.twitter.com/ZyaYN6chJD
— Raoul Pal (@RaoulGMI) June 21, 2021
Stay tuned for more news.