PayPal, Visa and other investors invested $300 million in Blockchain Capital, one of the oldest blockchain-focused funds for its Fund V LP.
The Fund V had an upper limit of $300 million, which was overachieved from several investors which includes all college endowments, family offices, and pension funds taking part in the funding round.
Blockchain Capital funds major projects like Kraken, Coinbase, UMA, Nexus, and Aave.
Bitcoin volumes on PayPal reached a new record high of more than $300 million according to data Recorded by itBit, its custodian.
This new record is a major jump from circa $80 million a day to beat the previous all- time high record of $240 million in January.
These significant volumes may have started stimulating competitors towards offering a similar service, including Apple Pay as seen around Apple’s job posting for a Crypto payment specialist.
PayPal’s acceptance of cryptocurrencies grows more as they now allows users withdraw their digital assets to third-party wallets.
This means that users will not just hold their assets on paypal platform to convert to fiat but can also withdraw to external wallets.
Schulman once said that there will be a decline in the use of cash in the next decade and that’s where PayPal is driving towards as it helps to grow digital-asset use cases.