Venturing into the world of digital currencies has gained a lot of popularity in recent years with some of the biggest names of the financial world getting associated with this domain.
The recent announcement of London-based firm, Blockchain, raising $50 Million for exploring and supporting startups came as surprising news for the financial heads.
Blockchain draws backing from the internet technology giant, Google, and the businessman Sir Richard Branson’s Virgin Group. Based on the announcement, the company aims to invest the raised venture capital in both equity and crypto coins.
Sam Harrison, who joined Blockchain in 2018 after quitting Naspers Ventures, will be the driving chief of the project. His LinkedIn profile has confirmed his role in the fundraising project. His profile read, “co-founded Blockchain.com Ventures – $50m Venture Capital Fund.”
It also reveals that the fund has already partnered with various startups, namely Origin Protocol, Coindirect, etc. However, Blockchain refused to say anything about its collaborations.
Founded in 2011, Blockchain establishes itself as the world’s most popular and reliable all-in-one crypto firm which believes in offering advanced services to the blockchain enthusiasts. Domiciled in Luxemburg, Blockchain firm proliferates into the market through its branch offices in London, New York, and Vilnius.
The 40 Million, Blockchain wallets network, makes the company one of the world’s biggest crypto service providers. Since its inception until today, the company has gained the trust of some of the biggest players of the industry and has raised more than $70 Million for its platform. The firm is backed by Google Ventures and Sir Richard Branson’s company, Virgin.
Tech firms are finding stand-alone venture capital funds quite lucrative, and so be it, Google or Microsoft, are exploring their benefits.
Blockchain’s sudden announcement of coming up with its venture capital fund has raised doubts in the minds of many investors because it is quite new for entering in such a project.
Also, it becomes quite difficult to grasp that the firm that was raising funds until last year for itself is planning for such a drastic step, particularly when its profits from earlier projects remain in ambiguity.