Another week, another gigantic crypto fund. Bain Capital Ventures (BCV) is the latest to join the fray, unveiling a $560 million fund on Tuesday dedicated to crypto investments. The new fund brands itself as Bain Capital Crypto (BCC), separate from BCV, which is a limited partner in the new fund. The crypto fund has backed 12 startups to date and has invested approximately $100 million, Stefan Cohen, managing partner of Bain Capital Crypto, told me in an interview.
The Information reported in October that Bain was raising a $300 million crypto fund. The final amount raised nearly doubles that, indicating strong interest from investors. That demand has helped other venture firms like Andreessen Horowitz raise dedicated, multibillion-dollar crypto funds.
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