Bitcoin’s value has grown exponentially over the years, and that has attracted all sorts of individuals, from retail investors to cryptocurrency enthusiasts who believe in the principles of decentralization.

The cryptocurrency market has experienced an intense amount of money flow, and there have been many financial institutions that have sat on the sidelines, waiting to see how blockchain technology will have real-world applications or whether the markets are stable enough to invest in. Here are some venture capital firms that are investing in the cryptocurrency sector.

Pantera Capital

When many were skeptical of bitcoin in 2013, Dan Morehead of California-based Pantera Capital was optimistic about the idea of the digital currency back its market cap was of only $3 billion. In fact, it’s been 5 years since he made his bet, and since he has established the Pantera Bitcoin Fund.  It is one of the earliest investors in the space, and has invested in high-profile projects such as Ripple, ZCash, and Brave .

Andreesen Horowitz

Andreesen Horowitz is one of the most well-respected and widely known venture capital firms in Silicon Valley, and it has quietly been investing in cryptocurrency-related companies . The firm has more prestige than many others in the space, considering they have invested early on in some of the most high-profile tech companies in the world, including Facebook, Twitter, and Groupon.

Andreesen Horowitz was an early investor in Coinbase as well, which is considered one of the most important companies in the cryptocurrency sector, and recently received funding at an $8 billion valuation .

BlueYard

Berlin-based venture capital firm BlueYard has made significant investments in projects with the specific theme of data democratization. This aligns with the principles of many in the cryptocurrency community, who believe blockchain tech has the ability to decentralize markets the same way the internet made data and information widely available. It was able to raise over $100 million, and as a result, has invested in highly-praised projects such as Filecoin, Protocol Labs, and Centrifuge.

MultiCoin Capital

Multicoin Capital , headquartered in Austin, Texas, might not have the legacy of other venture capital firms, but it has the connections to the tech industry necessary to find the right projects to invest in. It’s a venture capital firm founded by both Kyle Samani and Tushar Jain.

Kyle Samani is an experienced entrepreneur who developed Pristine, a medical software platform that is currently used by Google Glass. Tushar Jain, also a tech entrepreneur, founded EPatientFinder, a platform that uses data analytics to match patients with clinical trials that could benefit them. They are currently focused on raising $300 million specifically to invest in blockchain startups.

At a time in which institutional money starts flowing into the cryptocurrency market, these particular venture capital firms are leading the charge. Time will tell whether all of these investments pan out – but as of right now, they are worth keeping an eye on.