Report: Wallet Tycoon Blockchain Raising $50 Million VC Fund

Blockchain, a crypto wallet and data provider company, is raising a VC fund to invest in industry startups and cryptocurrencies, a report from Yahoo Finance stated.

According to a report published on September 5, two sources stated that Blockchain is in talks with investors to secure $50 million for the fund.

The LinkedIn profile for Sam Harrison – a Blockchain managing partner who was already a principal at investment company Naspers Ventures – further recommends the fund is already in existence and is additionally backed by Lightspeed Venture Partners, a Blockchain investor.

It says:

“Co-founded Blockchain.com Ventures – A Venture Capital Fund anchored by Blockchain.com, the world’s largest non-custodial wallet platform & Lightspeed Venture Partners.” 

Furthermore, the text recommends that the fund has already invested in a few firms, such as Origin Protocol, Coindirect, Sliver.tv, and Nodle.

As per Crunchbase data, Blockchain itself has secured $70 million over four rounds, such as a $40 million Series B that witnessed participation Richard Branson and Lightspeed Venture Partners.

The company recently introduced an exchange platform dubbed The PIT, and last year branched out with its first-ever hardware crypto wallet. The company’s site says its wallet app has been downloaded more than 41 million times.