Bain Capital Launches Dedicated Crypto Team – Sights on DAO Services | National Crowdfunding & Fintech Association of Canada

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Bain Capital Launches Dedicated Crypto Team – Sights on DAO Services

The Block Crypto | Frank Chaparro | Mar 9, 2022

crypto ventures and dao - Bain Capital Launches Dedicated Crypto Team - Sights on DAO Services The constellation of crypto-focused venture capital funds grew this week with the launch of a dedicated team within Bain Capital Ventures.

Bain Capital Crypto, which counts the $155 billion Bain Capital as its largest limited partner, is in the process of deploying $560 million across the crypto ecosystem with an emphasis on early-stage companies, according to a conversation with the team conducted Tuesday evening.

According to partner Stefan Cohen, Bain Capital Crypto has been in the works for about a year. Bain Capital Ventures is no stranger to crypto; among the industry's firms in its portfolio are BlockFi, Zero Hash, Risk Harbor and CoinDCX.

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But according to Cohen, who has been a partner at the firm since 2016, Bain Capital Ventures felt like it needed "a dedicated team" in order to compete in an increasingly active field.

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.

"A little more than a year ago we set out to design a founder-oriented fund to help them through inception to growth," Cohen added. "Advising on key economics, interacting with on-chain governance, providing liquidity and staking. Crypto VC is different than traditional software investing: founders and communities have a different set of needs [and] we intend to be involved with protocol communities, code level governance decisions and incubating projects on top of infrastructure we are excited about.”

Focus on the DAO and now

"As the Web3 narrative grew, a lot more inclusive DAOs came up. DAOs with culture, DAOs where people can hang out and it feels intuitive," noted Darren Lau of the Daily Ape during a recent episode of The Scoop."People just want a place to hang out with their friends and having a DAO seems like the cool way to do it right now.”

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