ICYMI: Bain Capital Crypto execs explain why they’re setting their sights on DAO services
Bain Capital Ventures on Tuesday announced a new dedicated crypto team, Bain Capital Crypto, backed by a new $560 million fund.It will also focus on backing companies that offer services to DAOsThe constellation of crypto-focused venture capital funds grew this week with the launch of a dedicated team within Bain Capital Ventures.
In a sense, the firm is following in the footsteps of a16z, which spun out its own dedicated unit. Elsewhere, BCV has to compete for space on cap tables with large crypto-native venture firms like Paradigm and Multicoin as well as VCs like Sequoia and Tiger. "That is when we will participate in governance...this market has a need for long-term investors to take a long-term oriented approach."
Yet Bain Capital Crypto's announcement on Tuesday wasn't without a dose of controversy. A team photo drew scorn and criticism for its all-male composition. Tuesday night, managing partner Stefan Cohencommitted to"hiring women, investing in women-led projects" among other diversity-focused steps.One area in which Cohen and Evans expect to sign a lot of checks is in the ecosystem for decentralized autonomous organizations of DAOs.
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