Bain Capital presents cryptofocussed funds worth $ 560 million with long-term goals
Bain Capital presents cryptofocussed funds worth $ 560 million with long-term goals
- BCV Fund I has already invested $ 100 million in some unnamed crypto projects
- The fund strives for an active participation in crypto startups
The venture arm of the investment company Bain Capital, Bain Capital Ventures (BCV) based in Massachusetts, has announced The laying of a first dedicated cryptofocussed fund called BCV Fund i.
With a "weapons chamber" of $ 560 million, BCV wants to advance its crypto efforts even further, since it has been an actor in the crypto scene for seven years. In particular, it keeps investments in some prominent names in the industry, including the parent company of Grayscale, the Digital Currency Group, Compound and Blockfi.
Since the fund was closed last November, Bain Capital Crypto, which operates it, has already invested $ 100 million in a number of crypto initiatives that have not yet been unveiled.
"We [have] quite convinced that we are at the beginning of a change in technology. We really needed a committed team and a committed fund structure. This really led to the recording of Bain Capital Crypto", Stefan Cohen, managing partner at Bain Capital Crypto, said in an interview with Bloomberg
.Cohen said that the fund would invest in projects around the blockchain innovation, including crypto startups, decentralized autonomous organizations (DAOS) and Ethereum-Layer alternatives.
The capital will be awarded to up to 30 companies in two to three years. Cohen promises active investments for financing innovative projects with participation in treasuries and governance.
"You are looking for companies that are able to actively participate in governance, companies that can bring liquidity into the protocols", he added.
The venture capital area has long-term ambitions
Although the fund is in a fundamentally bearish environment for crypto (the effects of the upcoming government policy and geopolitical tensions in the world), Alex Evans, also managing partner at Bain Capital Crypto, insists that the fund does not take care of the empty sales.
he revealed during the Bloomberg interview that they chose a 10-year perspective because they could not expect the market security that could come if it is already late.
"We are basically a long-term 10-year fund. We are taking a very long-term perspective. We are unimpressed and, in a way, not interested in short-term market fluctuations. We accept the uncertainty of this market; this is long-term believers. If the certainty is there, it could be too late for this market", he said.
The entry of Bain Capital into crypto technology is barely weeks after the investment company Sequoia Capital has invested $ 600 million in a cryptofond.
Source: Coinlist.me
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