Bain Capital Ventures, a Boston, Massachusetts-based startup-investment giant, has announced the launch of a new $560 million fund. The main goal will be to invest directly in cryptocurrency-related companies.
- Bloomberg’s coverage outlined that the company has already employed $100 million out of the entire amount into “a dozen efforts,” which have not been disclosed yet. The funding was closed in November last year.
- So far, the firm has poured funds into Compound, BlockFi, and Digital Currency Group but wants to expand its cryptocurrency portfolio.
“We’ve become quite high conviction we are at the beginning of a multi-decade technology shift. We really needed a dedicated team and a dedicated fund structure. That’s really what led to the addition of Bain Capital Crypto.”- commented Stefan Cohen, a managing partner at the $105-billion asset manager.
- Alex Evans, another managing partner at the firm, said the recent adverse price swings had not deterred Bain Capital from the crypto market. Just the opposite, as the new fund’s target is to become a long-term investment vehicle.
“Our view is that this is a 10-20-year opportunity, and we are building a platform here that we think can facilitate multiple funds over a period of time.” – Cohen concluded.
Written by: Jordan Lyanchev
Powered by WPeMatico