Bain Capital Ventures sets up half a billion-dollar fund for crypto projects

Bain Capital Ventures, 1 of the world's largest startup-investment firms with $5.1 cardinal successful assets nether management, has announced the enactment of a caller $560 cardinal money that volition absorption connected crypto-related investments.

According to a March 8 Bloomberg report, the money closed successful November and it has already invested $100 cardinal successful 12 undisclosed projects.

Bain Capital Ventures has a past of investing successful the crypto and blockchain sector, having antecedently backed companies specified arsenic BlockFi, Compound, and Digital Currency Group. The astir caller money BCV Fund I is the archetypal of its benignant from Bain Capital Ventures, focusing solely connected the crypto market.

The latest improvement comes pursuing a slew of task superior involvement successful crypto passim 2021. According to information from Pitchbook, task superior concern successful crypto projects topped $25 billion past year, the highest magnitude ever connected record.

Related: Meet the apical 5 busiest crypto funders of 2021, according to PwC

In 2022, though crypto plus prices are highly volatile, task funds person continued to marque cardinal investments successful the sector. In February, American task superior steadfast Sequoia Capital announced the instauration of a $600 cardinal cryptocurrency fund. Polygon raised $450 cardinal successful a backing round backed by immoderate of blockchain's apical task firms.

The cryptocurrency marketplace is successful a slump. Bitcoin (BTC) terms has dropped astir 40% from its all-time precocious successful aboriginal November arsenic concerns equine implicit the Federal Reserve's monetary policies to combat rising expenses and geo-political conflicts.

Cointelegraph has contacted Bain Capital Venture for further details regarding the crypto money and volition update the nonfiction erstwhile much accusation becomes available.