Bain Capital Ventures, one of the world’s top startup investment firms with $5.1 billion in assets under management, has announced the launch of a new $560 million crypto-focused fund.

According to a Bloomberg article published on Tuesday, the fund closed in November and has already invested $100 million in 12 unnamed projects.

Bain Capital Ventures has a track record of investing in the cryptocurrency and blockchain space, having previously funded firms such as BlockFi, Compound, and Digital Currency Group. Bain Capital Ventures’ most recent fund, BCV Fund I, is the first of its type, focusing only on the crypto sector.

According to a BCV spokesman, the crypto fund’s mission is to support entrepreneurs constructing the next generation of open internet infrastructure. The dedicated investment fund, according to the spokesman, is put up with a highly technical and collaborative approach to aid crypto and Web3 makers from seed to growth.

When questioned if cryptocurrencies will play a large part in venture capital in the future, the representative stated that the internet is undergoing a tremendous shift toward open, community-driven, and decentralized services.

The latest development follows a surge in venture capital interest in cryptocurrency throughout 2021. According to Pitchbook data, venture capital investment in cryptocurrency ventures surpassed $25 billion last year, the greatest amount ever recorded.

Despite the fact that crypto asset prices are very volatile in 2022, venture firms have continued to make significant investments in the sector. Sequoia Capital, an American venture capital firm, announced the formation of a $600 million cryptocurrency fund in February. Polygon secured $450 million in an investment round led by some of the best venture firms in blockchain.

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