Visa and Paypal invest heavily into $300 million blockchain fund
Visa and Paypal, behemoths that have been known supporters of the blockchain domain, have invested in Fund V of Blockchain Capital.
Blockchain Capital is one of the world’s first investment companies that is fully focused on investing in blockchain companies and projects and has been doing so since its inception in 2013.
Jose Fernandez da Ponte, VP, GM, blockchain, crypto, and digital currencies, PayPal, said: “PayPal is committed to fostering an ecosystem of companies making digital currencies more accessible, useful, and secure. 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.”
Paypal and Visa have been some of the earliest supporters of the blockchain domain and have also fully backed crypto payments. They have invested in many companies that work in these fields and hence it comes as no surprise that they have chosen to continue to invest in companies and funds that work in this field.
Vasant Prabhu, CFO, Visa, adds: “We’re focused on enhancing all forms of money movement, whether on the Visa network or beyond. Through our relationship with Blockchain Capital, we are deepening our efforts to shape and support the role that digital currencies play in the future.”
Blockchain Capital was started with the mission to help companies develop, grow and innovate in the blockchain field and so far they have invested in over 100 companies all around the world. They believe that blockchain technology would disrupt the legacy world and banks and financial firms would ultimately come around to this fact and replace their systems with ones based on blockchain.
Paypal and Visa also seem to share a similar vision as they have been pushing for crypto payments and digital currencies over the last few months as they believe that these would be the ones to dominate the payments landscape in the future. About a month back, Paypal had announced plans to allow its users to withdraw funds from their Paypal account in the form of cryptocurrencies. It is also trying to push cryptocurrencies as a form of payment from its platform and the idea is to make fiat and crypto co-exist on their platform so that its users have a choice on which ones to use at any time.
This is indeed a big boost for the crypto and blockchain space which has been hit by regulations and crackdowns in many countries like China and the US which has led the prices to remain wobbly and weak over the last few weeks.