This article comes fromThe Block, Originally by Frank Chaparro

This article comes from

, Originally by Frank Chaparro

Odaily Translator |

Bain Capital (Bain Capital Ventures, referred to as BCV) announced on Tuesday the establishment of a new encryption team - Bain Capital Crypto Fund (Bain Capital Crypto, referred to as BCC), backed by a $ 560 million fund. The number of venture capital funds dedicated to the crypto sector grew this week as Bain Capital launched a dedicated team within itself.

BCC is following in the footsteps of a16z

With a capital scale of US$155 billion, BCC is the largest fund in BCV. According to conversations with the team on Tuesday night, BCC has deployed $560 million in the crypto ecosystem, focusing on early-stage companies.

Partner Stefan Cohen said, “BCC has been in operation for about a year. BCV is no stranger to the encryption industry, and companies in the portfolio include BlockFi, Zero Hash, Risk Harbor and CoinDCX.”

"Stefan Cohen, who has been a partner at BCV since 2016, said, "Bain Capital believes that a team focused on the encryption industry needs to be established to increase competitiveness in the emerging encryption industry.""a16z has established a dedicated encryption team. In a sense, BCV is following in the footsteps of a16z. BCV, on the other hand, has to compete with big crypto industry VCs like Paradigm and Multicoin, as well as traditional VCs like Sequoia and Tiger."More than a year ago, we started a fund for founders to help founders grow from the early stage,"

Cohen added."Advise on key economic issues, interact with on-chain governance, provide liquidity and collateral."。

Alex Evans, co-director of the fund, said the team"gives us a structure like this"To this end, given the complexity of the crypto market, the fund hopes to reflect more

mad scientist

culture, not like traditional Silicon Valley."BCC is not a traditional venture capital"

Cohen said,

Cryptocurrency venture capital differs from traditional software investing: founders and communities have a different set of needs, and we intend to engage with protocol communities, make governance decisions at the code level, and incubate projects on the infrastructure we are interested in.

So far, big traditional VCs have given up on exchange-traded tokens. Bain also plans to support the anonymous founder, a spokeswoman said. The size of the investment will range from $1 million to $30 million.

The new fund joins others that have raised capital in recent months, including Sequoia, Pantera and exchange FTX.

However, the BCC was not without controversy when it was announced on Tuesday. A group photo of all men sparked ridicule and criticism from netizens. On Tuesday night, partner Stefan Cohen apologized and promised to hire women and invest in women-led projects.

BCC will invest in DAO on a large scale

"Cohen and Evans expect to invest heavily in DAOs."While The DAO has existed for years, in 2021 it is fueled by a community-led viral good cause involving the purchase of a rare copy of the U.S. Constitution, or the purchase of NFTs to pay WikiLeaks founder Julian Assange's legal fees. Under the circumstances, the proportion of DAO appearing in the media has risen sharply. On the development side, DAOs help manage DeFi protocols from Compound to Uniswap."As the Web3 narrative evolves, more inclusive DAOs emerge. A DAO with cultural background, a DAO that can be played, feels very intuitive,"

The Daily Ape's Darren Lau pointed it out on a recent episode of The Scoop.

People are just looking for a place to hang out with friends, and having a DAO seems like the coolest way to go right now.

At the same time, the expansion of the DAO has created investment opportunities, drawing interest from companies like BCC."BCC plans to invest in companies that provide DAOs with related tools and services such as governance, payment, and launch time marketing."In the interview, Cohen pointed to Tarun Chitra's Gauntlet as an example of a company in this space, highlighting the company's automated governance platform.

The way we live and work will continue to evolve and create a purely crypto-native flywheel of economic growth,