According to Bloomberg, cryptocurrency-focused venture capital firm Blockchain Capital is raising $700 million through two new funds.
The venture capital firm is currently raising funds for both its second growth fund and its seventh early-stage fund, according to a person familiar with the matter on Thursday.
Sources say the company has already begun deploying part of the new funds, and the fundraising process is expected to be completed within five to six months.
Blockchain Capital manages approximately $2 billion in assets under management and, according to its website, has invested in major cryptocurrency companies including Coinbase, Circle, Polymarket, and Tether. It has remained active in recent months; last week, it led a $12 million funding round for Paxos Labs.
The Block has reached out to Blockchain Capital for comment.
According to reports, cryptocurrency venture investments rose to $2.42 billion in March, a significant increase from $683.6 million in February and $1.31 billion in January.The Block's data dashboard.
However, many cryptocurrency venture capital firms have found it increasingly difficult to raise funds. Thomas Klocanas, managing partner at Strobe Ventures (formerly BlockTower), told The Block that while the funding environment may improve as the overall market recovers, the higher barriers facing startups may persist.