Bain Capital Firm Launched $560 Million Crypto Fund

The Bain Capital firm is launching a $560 million crypto fund focused on the crypto industry alone so let’s read more today in our latest cryptocurrency news.

The Investment firm will launch the Bain Capital Crypto fund which is focused on the crypto industry. The managing partner Stefan Cohen said:

“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.”

Bain Capital closed in November and invested $100 million in crypto-related efforts which haven’t been disclosed yet. This year so far has been a turbulent time for the crypto markets.
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Bitcoin and ETH dropped by 17% and 32% respectively according to the data from CoinMarketCap. The investment firm, however, is not worried, as another managing partner Alex Evans said:

“We are fundamentally a long-term oriented, 10-year fund. We are taking a very long view. We are unfazed and in some ways uninterested in short-term market gyrations. We embrace the uncertainty of this market, we are long-term believers. When the certainty is there, it might be too late for this market.”

Bain Capital is looking to invest in a wider range of innovations in the crypto industry and according to Bloomberg, the fund is considering crypto startups, decentralized autonomous organizations, and more. Cohen added that the fund is likely to deploy in the next two years and invest in more than 30 companies:

“They are looking for firms who are able to actively participate in governance, firms that can provide liquidity into the protocols.”

Also as recently reported, The Blockchain storage app ArDrive raised $17.2 million in a seed round led by Blockchain Capital, Arweave Team, Sino Global Capital, and others. ArDrive houses over 6 million files from across the globe like photos, videos, and text. While most users trust services like Google Drive or Dropbox, they can be susceptible to data leaks while ArDrive allows users to maintain ownership and to control their data on the Arweave blockchain. Ardrive became popular last summer after Hong Kong activists used the service to store content that was suppressed by the Chinese governemnt.