Silicon Valley-based venture capital firm Blockchain Capital has announced the raise of $580 million distributed across two new funds aimed at expanding blockchain infrastructure, gaming, decentralized finance (DeFi), consumer and social sectors.

In a press release, Blockchain Capital said the raise was its largest since it was founded in 2013. It added that it had invested more capital into Web3 efforts over the past 20 months than it had in its entire history.

“Indeed, the crypto market’s volatility these past 20 months revealed the hazards of short-term thinking, exposing many who misjudged this nascent technology,” the company wrote. “Instead of recognizing the quieter, fundamental indicators of long-term value creation, investors often misjudge innovation’s tempo and play ahead of the beat.”

The raise marks Blockchain Capital’s sixth early-stage fund and first opportunity fund.

“The end game is to elevate personal empowerment by granting individuals control over their digital and financial lives through innovative blockchain-enabled applications and services,” the company said.

According to its website, the firm has over $2 billion in assets under management. Its portfolio includes investments in Aave, Coinbase, Kraken, OpenSea and dozens more. In May, it led a $115 million series C financing round for Worldcoin.

Blockchain infrastructure and Web3 gaming remain areas of interest for investors despite the broader market chill. According to a report from DappRadar, Web3 gaming projects attracted $739 million in investment in the first quarter of 2023, while significant funds were also set aside for blockchain infrastructure firms.