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Blockchain, a European cryptocurrency startup, is raising $50 million to invest in startups, Yahoo Finance reported.
Sources with knowledge on the matter told the outlet that the company was holding talks with investors about raising the venture capital fund. Blockchain intends to use the fund for making investments in both equity and cryptocurrencies.
According to the Blockchain Ventures webpage, the fund will “invest in equity and token projects and provide them with legal, security, technical, and financial support from our talented bench of employees, partners, and advisors.”
The fund has already invested in crypto startups like Origin Protocol, Coindirect, Sliver.tv, and DappRadar.
The initiative is reportedly being spearheaded by Sam Harrison, who joined Blockchain from Naspers Ventures in July 2018. On his LinkedIn page, Harrison says that he is a founding partner at Blockchain.com Ventures.
Other members of the fund management team include Peter Smith, CEO & Co-Founder of Blockchain, and Marco Santori, President and Chief Legal Officer of Blockchain.
“Blockchain Ventures is a venture capital fund and a subsidiary of Blockchain. We created Blockchain Ventures to support and invest in distributed ledger technology (DLT) projects that advance the industry and provide positive societal impact,” the website reads.
“With support from its parent company, Blockchain Ventures aims to contribute to the creation of an open, fair, and accessible financial system and promote DLT use-cases that are revolutionary beyond finance.”
Founded in 2011, Blockchain is a leading cryptocurrency wallet provider and has raised more than $70 million in various funding rounds and is backed by Google Ventures, Virgin Group, Lakestar, and many others. In July, the company launched its own cryptocurrency exchange, called “The PIT.”
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