According to a Bloomberg report, the fund closed in November, and it has already invested $100 million (about Rs 765 crore) in 12 projects. Through this venture, Bain Captial aims to meet the needs of crypto start-ups.
Cohen explained to Bloomberg that “we are looking for firms that are able to actively participate in governance, firms that can provide liquidity in the protocol.”
Cohn also revealed that Bain Ventues may consider launching a more crypto-focused fund once the fund’s capital is split. “We think this is a 10-20 year opportunity, and we are building a platform here that we think can facilitate multiple funds over time,” he added.
Bain Capital Ventures has a track record of investing in the cryptocurrency and blockchain space. It previously supported BlockFi, Compound, and Digital Currency Group. The most recent fund from Bain Capital Ventures was BCV Fund I, the first of its kind as it focuses exclusively on the cryptocurrency sector.
Apart from this, according to Pitchbook data, venture capital investment in cryptocurrency ventures reached a record high of $ 25 billion (about Rs 1,91,505 crore) last year.<!–
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