In view of the booming ecosystem, Bain Capital Ventures puts a cryptofocussed fund worth $ 560 million

In view of the booming ecosystem, Bain Capital Ventures puts a cryptofocussed fund worth $ 560 million

The asset manager Bain Capital has launched its first crypto fund worth $ 560 million, as the company confirmed to block works on Tuesday.

The company, which has an administrative assets of around $ 155 billion, has launched the crypto native fund in the early phase and its new venture arm Bain Capital Crypto in order to acquire promising shares in web3 founders and farmers, partner Alex Evans told Blockworks.

The capital is mainly invested in cryptofocussed infrastructure and defi. The team will put together a portfolio of 30 new companies or protocols in which the entire fund is to be invested, Stefan Cohen, managing partner at Bain Capital Crypto.

Evans and Cohen will lead the fund together. For the time being, the team will concentrate on using this capital in the crypto ecosystem, but could check the introduction of future funds, said Evans.

"The fund was slightly oversubscribed, but in the classic spirit of Bain Capital we started with a modest fund size and plan to expand significantly from there," said Evans.

This fund was created in response to the company's ongoing investments in the crypto area in the past seven years, said Cohen in a Post . So far,

bain has invested in 14 defi (decentralized finances) and crypto infrastructure company, including the B2B infrastructure platform Zero Hash, the asset manager Parafi Capital and the crypto loan blockfi. Generally his venture arm Invested of $ 1 million of US dollar to growth capital.

It is also a great investor in Compound Finance, an algorithmic, autonomous interest protocol for developers, and has the third highest voices for the governance of the protocol.

"These crypto investments will stay with their capital investment funds, we do not transfer any positions or the like," said Cohen. "This fund is a completely new portfolio that we are building and we focus very much on investments in the early phase, but also have the flexibility to buy liquid tokens."

In the next 10 years, the team expects crypto to be integrated and embedded in traditional consumer and business software stacks, and plans to invest in companies that convict protocols into established software ecosystems, said Cohen.

"We also believe that this crypto-native economy and the associated services will grow pretty quickly," said Cohen. "We start to see some of them at Defi [Decentralized Autonomous Organizations] that have formed and have treasury that use the capital in the crypto economy. So we believe that the snowball effect will continue to speed up and create completely new activity sectors that support the crypto ecosystem."

While a number of companies have been investing in crypto for years, the heat has increased in the past 12 months because the acceptance and growth of crypto increases worldwide.

Last month, the 50-year-old investment company Sequoia Capital has launched a new sub-fund of $ 500 to $ 600 million, which focuses on liquid tokens and digital assets. Regardless of this, the traditional risk capital company Andreessen Horowitz, A16Z, is deeply immersed in the world of digital assets and plans to apply another crypto fund of around 4.5 billion US dollars, more than twice as large as its last crypto fund in the amount of

"The reality is that we felt that we could not use this market well with a generalistic risk fund," said Cohen. "There will be many generalists who will try to get access to this area and invest them in it, and we are happy that they will put capital into it, but we think that they have to support founders appropriately to do this."

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