BitGo Co-Founder and Facebook Alum Joins Blockchain Capital

Ben Davenport has joined the team at Blockchain Capital as a venture partner, CoinDesk has learned.

Davenport has deep roots in technology and cryptocurrency. He founded Beluga, which was acquired by Facebook in 2011 and became Facebook Messenger. Then he joined BitGo, an early bitcoin startup providing security solutions, as a co-founder in 2014.

Davenport told CoinDesk that while he is a two-time founder, he's now spent more time investing than he has running his own startups, adding:

"Focusing on the investment side allows me to spend more time focused on the industry as a whole, and how it's evolving, as opposed to being focused on the perspective of a single business."

Davenport currently has stakes in more than 15 companies. As a venture partner, he won't be making decisions for Blockchain Capital as a full partner would. Instead, they'll be sharing deal flow and evaluating opportunities together, Davenport explained.

Davenport's crypto portfolio already includes Lightning Labs, Paxos, LedgerX and the Electric Coin Company, according to AngelList. He stepped down from BitGo in April 2018.

Davenport knows the Blockchain Capital partners, P. Bart Stephens and Spencer Bogart, originally as investors in BitGo.

"I've known them to bring a thoughtful approach to investment, staying true to their convictions and not getting distracted by the flavor of the moment," Davenport said.

Stephens, co-founder and managing partner of the firm, told CoinDesk in an email that Davenport "brings unparalleled technical knowledge and experience of the crypto ecosystem as the co-founder and CTO of BitGo" and major entrepreneurial successes to his credit.

One of the longest-standing venture firms in the space, Blockchain Capital has raised four funds over the last six years, with investments in the major crypto companies like Coinbase, Circle, Ripple, Kraken and Block.one.

Ben Davenport photo via Blockchain Capital