Boston-based venture capital firm Bain Capital has launched a $560 million Bain Capital Crypto (BCC) fund to fund blockchain, cryptocurrency and Web3 developers.
Cryptocurrencies represent “a monumental technological shift towards open, community-driven and decentralized services,” Bain Capital, which manages more than $150 billion in assets, said in a statement. The company said that it will support blockchain developers in promising directions.
“We are pleased to announce our first $560 million fund and the launch of a new platform to support pioneers building the next generation of Internet infrastructure. We created this dedicated investment firm to support crypto and Web3 creators from the ground up with a high-tech and collaborative approach,” the statement said.
Technical and economic research as the next wave of Internet financial infrastructure is built will require in-depth technical support in mission-critical design decisions, Bain Capital said. The Fund will actively support cryptocurrency developers on topics related to contributing to the code, adjusting risk parameters, and establishing a DAO.
Bain Capital believes that given the early liquidity dynamics of cryptocurrency protocols and limited capital intensity, developers require investors who can participate in any spectrum of liquidity, supporting teams in both private and public markets. The company stated that it is ready to support projects at all stages of development.
If earlier investment companies invested in the development of cryptocurrencies, now they are increasingly interested in the Web3 market. Last week, Blockchain venture firm Electric Capital announced that it was going to invest in shares and tokens of startups engaged in promising areas of the cryptocurrency industry: NFT, DeFi and DAO.
In February, venture capital firm Sequoia Capital announced the imminent launch of a $500 million to $600 million investment fund that will invest in liquid tokens and digital assets. According to The Block, there were 1,700 venture capital deals in the cryptocurrency industry in 2021. The amount of funds received from investors exceeded $25 billion.
Source: Bits
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