(Coindesk) Financial services firms PayPal Holdings Inc. and Visa Inc. have joined Blockchain Capital’s $300-million venture fund as limited partners.
As limited partners, both firms will have an outside manager to put in broader equity investments in their place. This is PayPal’s first such investment with a crypto venture capital.
Blockchain Capital General Partner Spencer Bogart said coming in as a limited partner will allow PayPal and Visa indirect equity upside, while also getting an early read of possible startup partnerships.
PayPal Crypto lead Jose Fernandez da Ponte said the company will benefit through engaging and learning from investors leading the digital currencies and blockchain to the future.
Blockchain Capital’s venture fund was also supported by pension funds and university endowments. Bogart declined to identify other LPs for the firm’s fifth fund.
The venture fund will invest in the crypto space such as startups involved in decentralized finance and non-fungible tokens.
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