The venture capital branch of the US-based investment firm will be backing crypto startups with its newly launched fund.
Investments by large corporations into the crypto industry have surged over the past several months, presumably because of the immense growth and potential that blockchain technologies have to offer.
Based on a report by Bloomberg, the VC arm of the private investment firm Bain Capital has issued its newest crypto fund, solely targeting emerging startups. The fund is reportedly worth $560 million, with $100M already directed to a dozen selected crypto companies.
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Named the Bain Capital Ventures Fund I, it will be looking at all sorts of crypto startups, including blockchain networks and decentralized autonomous organizations (DAOs).
With a long track record of crypto investments, dating back to 2015 when BCV backed a crypto holding firm Digital Currency Group, it already has several other known platforms under its wing, like BlockFi, Lolli, and Compound.
Managing Partner of BCV’s Crypto Fund Alex Evans spoke to Bloomberg, stating that the investment firm is looking for "long-term oriented" crypto startups that are committed to a "10-year fund."
This has been one of the largest investments funds announced this month. Just last week, FTX announced its $1 billion Future Fund to support startups that are "highly scalable", and, just like BCV, the crypto exchange sets the priority for long-term projects.
