Despite several months of a crypto bear market due to various reasons such as the collapse of several major firms including FTX, Blockchain.com has raised funding. It is a sign that investor confidence remains in the crypto industry, which has faced a tough couple of years.
UK-based crypto exchange and wallet provider Blockchain.com closed a whopping $110 million in Series E financing. This investment reduces the previous valuation of the company of $14 billion by over half and takes it to less than $7 billion.
The down round was led by Kingsway Capital, founded by Manny Stotz with $5 billion in assets under management and invested in BVNK and VALOREO. Also, it saw participation from major firms, including Baillie Gifford – an early backer in Tesla, Lakestar, LSVP, and Coinbase Ventures.
Previously, Blockchain.com raised nearly $600 million in venture capital funding, including the funding it received in 2022 at its peak valuation.
As a part of the investment, Stotz and Lakestar partner Nicolas Brand will join Blockchain.com’s board of directors. Brand spent the last 20 years in the finance industry and builds businesses at the intersection of finance, blockchain, and technology.
Platform to buy and use cryptocurrency
Founded by Benjamin Reeves, Nicolas Cary, and Peter Smith in 2011, Blockchain.com is a platform that offers ways to buy, hold, and use cryptocurrency. It empowers anyone in the world to control their money. Over 50 million customers have signed up to use the Blockchain.com platform.
It lets anyone examine Bitcoin transactions and provides API to enable developers to build on Bitcoin. The company has also created one of the most widely used cryptocurrency wallets, enabling early crypto adopters to more easily manage their digital assets.
Blockchain.com has 37 million verified users, 82 million wallets, and over $1 trillion in total transaction value across its platform.