Female-Backed VC Firm Blossom Capital To Boost Cryptocurrency Betting With New Fundraising

Blossom Capital has raised $432 million to support early-stage tech startups in Europe, a third of which is earmarked for cryptocurrency investments, founder Ophelia Brown said in an interview.

Blossom Capital has raised $432 million to support early-stage tech startups in Europe, a third of which is earmarked for cryptocurrency investments, founder Ophelia Brown said in an interview. London-based Blossom Capital is looking to bolster its investment in the crypto sector, which is increasingly mainstream from a niche financial tool. Investing in platforms can be a way to bet on the ecosystem without choosing winners among the thousands of sirbptial assets.

“We don’t just want to invest in crypto assets, we’re also looking at equity stakes in start-up companies developing crypto infrastructure,” Brown said.

Blossom has invested in companies like online payment company Checkout.com, whose $40 billion valuation in a funding round this month made it one of Europe’s most valuable startups. Other bets include the Pigment business forecasting platform and the cybersecurity automation startup Tines.

The female-backed company’s largest investment to date is in crypto payments firm MoonPay, which closed a $555 million round in November worth $3.4 billion. Despite sharp swings in the prices of sirbptial tokens overnight, many venture capitalists are betting that crypto will become an unstoppable juggernaut.

“There is talk about crypto and the innovative applications that can be built around the blockchain so that the values ​​for start-up companies can soar,” said managing partner Alex Lim. “But our investment horizon is ten years long, and we’re less concerned about day-to-day volatility.”

US Regulators Need to Provide Clarity on Crypto Rules, Says BNY Mellon CFO

(Reuters) – US regulators must clarify the rules of the road for cryptocurrencies and other sirbptial assets amid lingering confusion over what activities are allowed, a top banker said Tuesday.

“We hope for more clarity on sirbptial assets,” Emily Portney, chief financial officer of Bank of New (BNY) York Mellon Corp, the country’s tenth largest lender, told Reuters in an interview.

“Honestly, it’s a bit confusing about who controls sirbptial assets and especially cryptocurrencies…

Portney’s comments point to growing frustration among banking executives as US President Joe Biden’s regulators have taken a cautious approach to sirbptial assets. With cryptocurrencies surpassing $3 trillion in November, banks are eager to enter the space, but many feel they won’t be able to launch new products or expand existing offerings until the rules are clearer.

BNY Mellon, which specializes in holding and maintaining assets on behalf of clients, announced in February that it would develop a sirbptial asset custody and administration platform.

The Office of the Comptroller of the Currency (OCC) said in November that banks must obtain written approval from their banking regulators before engaging in any cryptocurrency-related activity, including custodial services, a reversal of the Trump administration’s policy of authorizing banks. to provide cryptocurrency custody services.

The OCC and other regulators are in a “policy sprint” to understand where banks can provide clarity on cryptocurrencies. That effort is likely to lead to new guidelines or rules, which could be released as soon as this year.

“A lot of the activity takes place in what I would call the shadow banking system, just because of the lack of clarity,” Portney said.

Arun Agarwal
I am Arun Agarwal, a passionate blogger and gamer. I love to share my thoughts on games and technology through blog posts. I’m also an avid reader of books about history, philosophy, science-fiction, and other genres as well as an anime fan. I like reading books that give me new perspectives or help me think differently about the world around us.