Blockchain Capital, the bitcoin focussed VC fund, has closed its second fund that raised $7m and will continue to invest in companies that work with blockchain-enabled technology. The fund has also rebranded itself from Crypto Currency Partners.
The funds will be invested over the next 12-24 months in blockchain-enabled companies. Blockchain Capital’s original fund was made up of 29 portfolio companies and was the first venture fund dedicated to investing in the sector.
The fund’s syndicate on AngelList has also been launched and will invest concurrently along the venture fund.
“Our mission is to support entrepreneurs who are disrupting legacy industries and creating new markets via blockchain technology,” said Brad Stephens, managing partner at Blockchain Capital.
Blockchain Capital is managed by three managing partners: Bitcoin Foundation chairman Brock Pierce, and long-time Silicon Valley investors Brad and Bart Stephens. The firm’s active investments include Coinbase, Ripple and Xapo.
Alongside the closing of the fund and rebranding the firm has also a new chairman of its advisory board. Alison Davis, board director at RBS and former chief financial officer of Barclays Global Investors, will chair Blockchain Capital’s advisory board.
The appointment maintains the current trend of bitcoin orientated companies hiring heavyweights from traditional financial institutions. Last month Xapo, one of the companies that Blockchain Capital has active investments in, added Visa founder Dee Hock to its board of advisors.
The appointments of such financial heavyweights are part of the bigger pattern where the crypto-currency as a whole is actively pursuing a course towards mainstream appeal and financial respectability.
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