Bain Capital Ventures (BCV), the enterprise capital arm of Bain Capital, has launched a $560 million fund centered on the cryptocurrency house.
What Occurred: Bain Capital’s Crypto Fund I’ll solely give attention to investing in early-stage cryptocurrency protocols working in decentralized finance (DeFi) and Web3 classes, in accordance with a report from Bloomberg on Tuesday.
Bain Capital Ventures has already allotted round $100 million in the direction of a number of portfolio firms in its ecosystem — primarily in pre-launch tasks.
Stefan Cohen, a companion at Bain Capital Ventures, informed CoinDesk that the cryptocurrency-focused unit is “oriented round early-stage investing throughout liquid tokens.”
“The primary precedence is investing within the infrastructure. That may be layer 1 scaling options, privateness merchandise, middleware, storage options, and the kind of parts used to construct the final word web providers we predict we’ll be interacting with sooner or later,” he stated.
BCV has a long-term funding horizon for its potential cryptocurrency investments. The agency is seeking to put money into crypto startups with a 10-year time horizon.
Along with fairness offers, BCV is buying the native tokens of cryptocurrency tasks as a strategy to take part in on-chain governance.
Final month, one other enterprise capital large Sequoia Capital introduced a $600 million cryptocurrency-focused fund. Sequoia’s Crypto Fund will make investments immediately in liquid crypto tokens with a big every day buying and selling quantity comparable to Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE).
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