Google Ventures-backed crypto firm Blockchain raises $120 million, the London-based crypto wallet and exchange operator, has raised $120 million from a group of macro investors.

American hedge fund manager Louis Bacon’s Moore Strategic Ventures, Hayman Capital Management founder Kyle Bass, Access Industries, Rovida Advisors, Lightspeed Venture Partners, GV, Lakestar and Eldridge all participated in the round.

The firm has now raised more than $190 million to date. founder and chief executive told The Block the money would be used to “further credentialize the company to institutional clients around the world, and build further bridges and trust between the traditional finance sector and crypto.”

Exactly what those bridges are is not yet clear.

“What excites me most about this moment is the immense optimism about cryptocurrency from serious, institutional investors,” said Smith in a blog post that announced the raise.

“In fact, the current bull run is dominated by stories of Fortune 500 companies, investment funds, and institutions driving net inflows into crypto. The fact that the best macro investors in the world participated in our latest fundraise is further proof that institutions are taking a serious look at their crypto strategy.”

In the same blog post, Smith said that 28% of all bitcoin transactions since 2012 have taken place on