Blockchain Investment Fund Pantera Capital Raises $71 Million for Crypto Venture Fund

Francisco Memoria
  • Blockchain investment firm Pantera Capital is reportedly looking ot raise $175 million for a crypto venture fund.
  • It already raised $71 million from 90 investors, and is set to invest in the ICE-owned company Bakkt.

Blockchain investment firm Pantera Capital is reportedly looking to raise a total of $175 million from a cryptocurrency investment venture called Venture Fund III. The fund has already raised over $71 million from 90 investors.

According to TechCrunch, raising $175 million is an enormous jump from its previous venture fund, in which it raised $25 million. In its first venture fund, closed in 2013, Pantera raised $13 million.

Paul Veradittakit, a partner with the firm, noted the amount Pantera is looking to raise is a “function of how fast the space is moving, the talent coming in, the opportunities, and the sizing of rounds.”

Through a blog post, Pantera Capital revealed its Venture Fund III has already found its first investment: Bakkt, the company the Intercontinental Exchange (ICE), owner of the New York Stock Exchange, launched in a partnership with tech giant Microsoft and coffeehouse chain Starbucks.

The investment fund’s CEO, Dan Morehead, has earlier this month stated investors should be focused on Bakkt, and not on bitcoin ETF rejections, referring to Securities and Exchange Commission’s (SEC) rejection of the Winklevoss twins’ bitcoin ETF.

Morehead has in the past made a very bullish bitcoin price prediction, as he stated the flagship cryptocurrency is going to reach $67,500 by the end of 2019. At press time, the cryptocurrency is trading at $6,400.

Pantera Capital’s Hedge Funds

Pantera Capital, founded in 2013, has been juggling various investment strategies. Per TechCrunch, it manages its venture funds, structured like traditional venture funds, along with three hedge funds: an ICO-focused fund, a Bitcoin-focused fund, and an altcoin-focused fund.

Its ICO fund reportedly focuses on token pre-sales, so the investment firm can get a discount by “getting in early, when it’s just a team and a white paper.” Its BTC fund, which has attracted various investors after being launched five years ago, has seen a lifetime return of over 10,000%.

The firm’s altcoin-focused fund invests in cryptocurrencies already listed on crypto exchanges through an approach that “includes machine learning.” As CryptoGlobe covered Pantera Capital was affected by the crypto market’s bearish trend, so much so that as of June it was down by 51%, after underperforming bitcoin in May.

Switzerland's Largest Online Retailer is Now Accepting Cryptocurrency Payments

Digitec-Galaxus, Switzerland’s largest online retail company, has reportedly decided to start accepting bitcoin (BTC) payments.

Digitec and Galaxus customers can now pay for goods and services with bitcoin and a few other major cryptocurrencies. In addition to BTC, users can make payments in XRP, ETH, Litecoin (LTC), Tron (TRX), OmiseGo (OMG), and NEO.

Digitec and Galaxus’ online retail outlets will also be taking payments in Bitcoin “Satoshi Vision” SV (BSV), Bitcoin Cash (BCH), and Binance Coin (BNB). Commenting on the Swiss retailer’s decision to start accepting cryptos, Oliver Herren, the co-founder and CEO of Digitec, remarked: 

Cryptocurrencies are fascinating and could become a relevant means of payment in e-commerce. We would like to support this development. We wanted to do that for a long time.

Coinify Will Help Convert Crypto Transfers To Swiss Francs

Herren added that Digitec decided to take cryptocurrencies as payment because people may have invested in them and they may want to use them. “Or because you cannot turn them into real money [since] your bank does not accept it. Or maybe just because you ...  like to try new things,” Herren said.

According to Switzerland’s e-commerce giant, it wants to encourage millennials, who may be heavily invested in the blockchain space, to start using cryptocurrencies for practical purposes such as paying for everyday goods and services. Price volatility of cryptocurrencies may not be an issue as Digitec and Galaxus will immediately convert crypto payments to Swiss francs using Coinify’s services, a third-party payment processor.

At present, crypto payments are only available for Switzerland-based users, however the company has said that it might allow customers in other areas to pay with crypto if their initial effort is successful.

Danish Food Takeaway Outlet Accepts Bitcoin Payments For Its 1500 Restaurants

In December 2018, Hungry.dk, one of the largest online food portals in Denmark, started accepting Bitcoin again. The food takeaway company handles orders from more than 1,500 restaurants in Denmark and had been accepting BTC payments since 2014. However, it had decided to stop taking crypto payments in late 2017 due to very long transaction processing times.

A representative from Hungry.dk noted (last year): 

We have accepted Bitcoins as a payment method for quite some time. We decided to remove the feature temporarily last year though because the average transaction time took too long, and the experience wasn’t the best.