Bain Capital Ventures, an investment firm based in Boston, Massachusetts, has launched a $560 million fund. The main goal will be to invest directly in cryptocurrency-related companies.
Bloomberg reported that the company had already invested $100 million of the total amount in “a dozen initiatives,” which are still unknown. The funding was completed in November 2013.
“We are convinced that we are in the midst of a multi-decade-long technology shift. We needed a dedicated team, and a dedicated fund system. Bain Capital Crypto was born out of that.”- said Stefan Cohen, managing partner of the $105 billion asset manager.
Alex Evans, another managing partner of the firm, stated that Bain Capital had not been deterred from the crypto market by recent price swings. The new fund is aiming to be a long-term investment vehicle.
Cohen stated, “We believe that this is an opportunity of 10-20 years and that we are building here a platform that can facilitate multiple funds over time.”
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