PayPal and Visa have backed Blockchain Capital’s fifth flagship fund, which received $300m of commitments and which will focus on blockchain technology and cryptocurrencies.

US-based venture capital firm Blockchain Capital closed its Blockchain Capital V fund at $300m on Tuesday with commitments from digital payment processor PayPal and payment services firm Visa.

Other limited partners (LPs) committed to the fund include undisclosed strategic investors, pension funds, university endowments and family offices. Some of the LPs, including Visa and PayPal, will participate in Blockchain Capital’s strategic partnership programme.

Founded in 2013, Blockchain Capital typically invests in companies and projects based on blockchain technology. It has…