A Month After Securing Financing, Blockchain.com Plans to Expand Workforce and Enter New Markets
A month after securing $110 million in financing, cryptocurrency exchange Blockchain.com has announced plans to grow its workforce by 25% in the new year. The company also intends to expand into Turkey and Nigeria. Additionally, Blockchain.com has recently hired Curtis Ting, a former executive from Kraken, and will be seeking additional licenses.
Currently employing about 300 people, the company’s expansion plans come after raising $110 million in a funding round led by Kingsway Capital. Other participants included Baillie Gifford, Lakestar, Lightspeed Venture Partners, Coinbase Ventures, and others.
In an interview with Bloomberg, Blockchain.com CEO Peter Smith stated that the market has seen significant shakeout over the past year, with less competition in brokerages and exchanges. This has created an opportunity for Blockchain.com to gain market share.
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Shifting Landscape in the Crypto Market
Blockchain.com’s decision to enter new markets comes as Binance, the world’s largest crypto exchange, experiences a decline in dominance. Meanwhile, U.S.-based Coinbase is making strides in expanding internationally.
After suffering a $270 million loss due to the collapse of crypto lender Three Arrows Capital in 2021, Blockchain.com underwent layoffs and reduced CEO compensation. However, the company is now focused on growth and expansion.
Hot Take: Blockchain.com Expands Workforce and Ventures into New Markets
Cryptocurrency exchange Blockchain.com is set to increase its workforce by 25% following its recent financing success. The company aims to expand into Turkey and Nigeria while seeking additional licenses. With the hiring of Curtis Ting and its strong financial backing, Blockchain.com is positioning itself for growth and market dominance.
