Coinbase backer Blockchain Capital hunts $700 million for new funds

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Coinbase backer Blockchain Capital hunts $700 million for new funds The San Francisco-based firm is raising for its seventh early-stage fund and second growth fund, which are expected to be completed in the next five to six months. What to know: - Cryptocurrency venture capital company Blockchain Capital is raising $700 million for two new funds. - Blockchain Capital has raised around $1 billion for crypto investment, with digital asset giants such as Coinbase, Circle and Tether in its portfolio. Cryptocurrency venture capital company Blockchain Capital is raising $700 million for two new funds, Bloomberg reported on Thursday. The San Francisco-based firm is raising for its seventh early-stage fund and second growth fund, which are expected to be completed in the next five to six months, according to the report, citing a person familiar with the matter. The firm did not respond to CoinDesk's request for comment. Blockchain Capital, run by two co-founders and managing partners, Bart Stephens and Brad Stephens, has previously raised around $1 billion for crypto investment, with digital asset giants such as Coinbase, Circle and Tether in its portfolio. The company's last major raise came in 2023 when it drew $580 million for its sixth early-stage fund and one late-stage fund. Blockchain Capital's limited partners largely come from a traditional financial (TradFi) background, including university endowments, sovereign wealth funds, U.S. pension plans and the like. The firm manages already manages $2 billion in fee-bearing assets and a total portfolio worth more than $6 billion, according to Bloomberg. More For You Six Coinbase senior marketing executives, including the exchange's former chief marketing officer, have jumped to OpenAI in the past year and a half. What to know: - Several of the former Coinbase marketing execs also worked together at Meta. - OpenAI has also lured senior policy, product design and data science talent from Coinbase.

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