$300 million: Blockchain Capital raises new fund with backing from PayPal and Visa

Blockchain Capital, the long-running VC firm focused on the crypto space, has closed a new fund with $300 million in backing.

In a Tuesday statement, Blockchain Capital described the raise as "heavily oversubscribed" and backed by "strategic investors, pension funds, major university endowments and family offices from around the world."

Among the backers named were Visa and PayPal, two payments giants which have increased their footprint in the crypto industry in recent months. These actions include taking stakes in companies across the space.

"Select investors in Fund V will be participating in Blockchain Capital's strategic partnership program – including PayPal and Visa. Blockchain Capital is able to leverage its industry-leading network, research capabilities and industry contacts to benefit these payments companies as well as Blockchain Capital's portfolio companies," Blockchain Capital said. 

Indeed, PayPal signalled that its participation in the fund would help it strengthen those inroads.

"Investing in Blockchain Capital's new fund allows us to engage with the entrepreneurs driving the future of the decentralized economy and the new wave of financial services," Jose Fernandez da Ponte, PayPal's VP for crypto, said in a statement.