Blockchain Capital is raising $700 million across two new funds, according to Bloomberg.

Citing a source familiar with the matter, Bloomberg reported that the venture capital firm is simultaneously pursuing its seventh early-stage fund and its second growth fund, and has already deployed some of the new capital.

The fundraising effort builds on Blockchain Capital’s existing portfolio of over $2 billion in assets under management. The firm demonstrated its continued investment activity last week by leading a $12 million funding round for Paxos Labs, according to industry reports.

Blockchain Capital’s VC portfolio includes crypto exchange Coinbase, DeFi platforms 1inch and Aave, and stablecoin issuers Circle and Tether,…