One of Silicon Valley’s oldest venture capital firms is dipping its toe into the blockchain ecosystem with an investment in cryptocurrency payment processing startup BitPay.
The investment, announced on Monday, came as part of a $40 million funding round, the largest in the Atlanta-based company’s nearly seven-year history. It also constituted the first time Menlo has acquired a stake in a cryptocurrency-related startup.
Founded in 1976, Menlo was one of the first Silicon Valley venture capital firms and has counted among its portfolio companies tech darlings such as Uber, Roku, and Tumblr. However, it had not yet joined so many of its peers in gaining exposure to the burgeoning blockchain sector — until now.