Bain Capital, an asset manager with $155 billion in assets, has launched a $560 million dedicated cryptocurrency fund to “support the renegades and pioneers building the next generation of internet infrastructure.”
According to an announcement, Bain Capital’s new fund, Bain Capital Crypto, is designed to invest in and support those building on the cryptocurrency and Web 3.0 ecosystems “from seed through growth” with a technical and collaborative approach.
The announcement adds the firm believes are at the “precipice of a monumental technology shift towards open, community-driven, and decentralized services.” To Bain Capital Crypto, this may prove to be the most “important technological development of our lifetimes.” It reads:
The combination of a generational shift of internet users (builders and creators) and open technology enables an infinite design space for developing user-built and controlled applications. We are in the very early innings of this transformation.
To support the team building in the cryptocurrency space, the fund is focusing on three areas of expertise including technical and economic research, governance design and participation, and participation across stages.
This is notably not Bain Capital’s first foray into the cryptocurrency space. The firm has invested in 14 decentralized finance and cryptocurrency infrastructure businesses to date, including asset manager ParaFi Capital and cryptocurrency lender BlockFi. It also has a significant position in money market protocol Compound Finance, in which it has the third highest voting weight.
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