Wallet And Data Provider Blockchain Is Raising $50M For A Crypto Fund

The cryptocurrency wallet and data provider Blockchain is raising a VC fund that will invest in industry startups and cryptocurrencies, according to Yahoo Finance.

As a report published on Wednesday noted, two sources claim that blockchain is in discussions with investors to raise $50 million for a new fund. The latest cryptocurrency news also show that the company is ready for a new advancement.

The LinkedIn profile of Sam Harrison – who is a Blockchain managing partner who was previously a principal at the investment firm Naspers Ventures – notes that the fund is already in existance and that it is backed by Lightspeed Venture Partners, which is a Blockchain backer.

“Co-founded Blockchain.com Ventures – A Venture Capital Fund anchored by Blockchain.com, the world’s largest non-custodial wallet platform & Lightspeed Venture Partners,” the document states.

The text also suggests that the fund has already invested in some firms such as Origin Protocol, Coindirect, Silver.tv and Nodle. As reports on Crunchbase confirmed, the wallet and data provider Blockchain has itself raised $70 million over four rounds – which included a $40 million Series B investment which saw Richard Branson and Lightspeed Venture Partners participating.

Over 40m Blockchain wallets have been opened on Blockchain internationally. This certainly makes it one of the world’s biggest wallet and data providers out there. As Richard Branson said earlier this year, the company was “at the cutting edge of a growing industry” when he invested in 2017.

The company also launched an exchange platform called the PIT. Last year, it branched out with the first ever hardware crypto wallet. As the website of the fir noted, its wallet app has been downloaded more than 41 million times.

The wallet and data provider Blockchain is a firm backed by Richard Branson and Google. Based in London, the company is right now in talks with investors about the proper allocation of funds.

At the end of the day, the launch of Blockchain Ventures fits with a growing trend of tech companies. Previously, we have seen similar cases where companies such as Google Ventures, Salesforce Ventures and M12 (Microsoft’s venture fund) carried out similar initiatives. Even though the wallet and data provider (Blockchain) is slightly more unusual since it is a new company, it is definitely one of the most popular companies featured on many best cryptocurrency news sites.